Summary:
Peter Schiff, a Bitcoin critic, believes “smart money” is selling Bitcoin in the spot market, while “dumb money” is buying through ETFs.
Schiff claims that Bitcoin whales are setting up ETF investors to be “bag holders” by manipulating the market.
He predicts a decline below $38,000 will push 100% of Bitcoin ETF buyers into the red, leading to a wave of selling.
Schiff's statements come at a time of significant pressure for Bitcoin, with potential sell-offs from Mt. Gox adding to the volatility.
Schiff's comments highlight the risks associated with investing in Bitcoin and ETFs.
Schiff has consistently been bearish on Bitcoin, predicting further declines.
Bitcoin Whales Are Winning, Says Peter Schiff
Peter Schiff, a well-known Bitcoin critic, is warning that Bitcoin ETF investors are being set up to lose money. He believes that **“smart money” is selling Bitcoin in the spot market while “dumb money” is buying it through ETFs.
Schiff claims that Bitcoin whales are manipulating the market, taking advantage of ETF investors who are likely to be left holding the bag when the price drops. He predicts that a decline below $38,000 will push “100% of Bitcoin ETF buyers” into the red, leading to a wave of selling.
Schiff's Concerns Amidst Bitcoin's Volatility
This statement comes at a time when Bitcoin is facing significant pressure. The ongoing stress is compounded by potential sell-offs of billions of dollars worth of Bitcoin from the Tokyo-based cryptocurrency exchange Mt. Gox.
Despite the market volatility, Schiff's claims are worth noting. He has consistently been vocal about his bearish outlook on Bitcoin, predicting further declines for the world's largest cryptocurrency.
It remains to be seen whether Schiff's predictions will come true, but his statements underscore the risks associated with investing in Bitcoin and ETFs.
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