In a recent post, Schiff pointed out the big difference in returns between Bitcoin and gold ETFs. While the first ones have seen modest gains of less than 17% since they launched in January, the ETF on precious metal is up over 24% despite significant outflows. In Schiff’s opinion, this shows investors made a mistake by favoring Bitcoin ETFs.
However, the expert has long been critical of Bitcoin ETFs. The investor has been saying for a while now that cryptocurrencies are fundamentally flawed assets with no intrinsic value. His latest comments also come at a tough time for the industry, as the price of Bitcoin keeps struggling.
On the other side, the Bitwise ETF BITB managed to attract a net inflow of $9.46 million on Sept. 4, but it was not enough to offset the overall outflow trend.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
