In response to Novogratz’s statement that Bitcoin ETF buyers, many of whom are newcomers to the crypto space, will act as long-term holders, Schiff dismissed this notion, characterizing them instead as mere opportunistic traders.
He suggested that these newcomers, whom he labeled as “Johnny-come-lately” buyers, lack the conviction of true believers in Bitcoin and are merely testing the waters. Schiff implied that these investors are likely to flee at the first sign of unfavorable market conditions.
Schiff’s skepticism extends beyond Novogratz’s prediction to broader implications for Bitcoin-related equities. He pointed to a downturn in various Bitcoin-related stocks, including Coinbase (NASDAQ:COIN)’s COIN, GLXY, MSTR, WGMI, MARA, BITF and HIVE, questioning why these assets are struggling despite the purported bullish sentiment surrounding Bitcoin ETFs.
The critique from Peter Schiff adds fuel to the ongoing debate over the future trajectory of Bitcoin and the potential impact of institutional investment vehicles like ETFs. While Novogratz remains optimistic about Bitcoin’s prospects, Schiff’s critical viewpoint once again highlights the divergent opinions within financial circles regarding the crypto’s long-term prospects and investment appeal.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
