A few hours after the U.S. ETF trading began, the price of Bitcoin (BTC) lost all of the gains from 2024. As a result, detractors of the original cryptocurrency predict difficult days ahead for BTC investors. Peter Schiff acknowledges that some of the initial Bitcoin ETF buyers may be wishing they had made a different choice.
Peter Schiff mocks Bitcoin (BTC) investors: “Long weekend for bulls”
Investors in Bitcoin ETFs will sell their holdings if the price of Bitcoin (BTC) continues to decline on Monday, according to a post made by “gold bug” Peter Schiff on his X account today, January 13, 2023. Hence, for supporters of Bitcoin (BTC), the weekend—during which ETF trading is not permitted—will be lengthy.
https://x.com/PeterSchiff/status/1745938724309926330?s=20
In less than a day, Schiff saw that the price of Bitcoin (BTC) fell from $49,000 to below $42,000. As a result, immediately following the most anticipated Bitcoin milestone of 2024, holders of the original cryptocurrency experienced a double-digit decrease.
As the euphoria around the overhyped debut of 11 Bitcoin ETFs in the US subsided, the value of Bitcoin (BTC) fell. Additionally, the shift of liquidity from Grayscale’s OTC trusts may have had a role in the decline, as previously reported by U.Today.
Anthony Scaramucci, the founder of SkyBridge Capital, referred to the selling of GBTC shares as a potent catalyst for the agonising decline in the price of Bitcoin (BTC) to two-week lows.
The price of Bitcoin (BTC) has started to rise as of the publication of this article; on major spot markets, BTC is trading for more than $42,500.
More concerns raised about Bitcoin ETF
Unquestionably, the approval of the BTC ETF is crucial for the blockchain sector as a whole, but there are some potential negative long-term repercussions on Bitcoin (BTC) as an asset and technology.
Although some analysts view the current procedure as a typical “sell the news” incident, BitMEX creator Arthur Hayes issued a warning that Bitcoin may become a typical TradFi asset.
Paradoxically, SEC Chairman Gary Gensler concurs with Hayes, stating that the Bitcoin ETF runs counter to Satoshi Nakamoto’s original intentions for his creation.
