“Smart Investors” Are Selling Bitcoin, According to Top Economist
Economist Peter Schiff, known for his skepticism towards Bitcoin (BTC), recently raised concerns about ETF investors facing potential losses.
In a recent statement , Schiff highlighted that while institutional investors are selling Bitcoin in the spot market, retail investors are purchasing it through ETFs.
He sarcastically credited Bitcoin whales for positioning ETF investors as potential “bag holders,” a term referring to those left with declining assets.
Schiff’s remarks follow ongoing market stress, compounded by potential large sell-offs from Mt. Gox.
READ MORE:
Bitcoin Whales Buy the Dip, Signaling Potential Bullish MomentumHe previously noted significant losses among Bitcoin ETF buyers, foreseeing more challenges if Bitcoin falls below $38,000.
Despite recent market downturns, US-listed spot Bitcoin ETFs reported significant inflows , indicating a potential rebound amid Schiff’s predictions of continued bearish sentiment for Bitcoin.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bitcoin set for ‘promising new year’ as it faces worst November in 7 years
From "whoever pays gets it" to "only the right people get it": The next generation of Launchpads needs a reshuffle
The next-generation Launchpad may help address the issue of community activation in the cryptocurrency sector, a problem that airdrops have consistently failed to solve.
After bitcoin returns to $90,000, is Christmas or a Christmas crash coming next?
This Thanksgiving, we are grateful for bitcoin returning to $90,000.
Trending news
MoreCrypto prices
More
