Grayscale Bitcoin Trust

<p class="is-style-lead">Economist and cryptocurrency critic Peter Schiff recently shared his views on the recent introduction of Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) exchange-traded funds (ETFs) in the U.S. market.</p>
<p>Schiff’s remarks came as the Bitcoin price <a href="https://finance.yahoo.com/news/bitcoin-extends-decline-etf-exuberance-173252178.html" target="_blank" rel="noopener noreferrer nofollow">nosedived</a> shortly after the launch of 11 Bitcoin ETFs, wiping out most of the gains of 2024.&nbsp;</p>
<p>The media personality’s perspective, shared on his social media account on Jan. 13, suggests that the initial investors of these ETFs may be ruining their decisions.</p>
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   <p lang="en" dir="ltr">Bitcoin has already fallen from just above $49K yesterday, to just below $42K today. That's over a 14% decline. It could be a long weekend for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> bulls. If the new <a href="https://twitter.com/hashtag/BitcoinETFs?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#BitcoinETFs</a> gap way down on Monday it will be interesting to see how investors react. I doubt they'll <a href="https://twitter.com/hashtag/HODL?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#HODL</a>.</p>— Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1745938724309926330?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">January 12, 2024</a>
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<p>The Bitcoin price plunge, dropping from $49,000 to below $42,000 in less than 24 hours, resulted in a swift double-digit decline for its holders.&nbsp;</p>
<p>The price dip, according to SkyBridge Capital founder Anthony Scaramucci, was significantly impacted by the sell-off of <a href="https://crypto.news/grayscale-moves-183m-in-btc-amid-etf-fee-competition/" target="_blank" rel="noopener noreferrer nofollow">Grayscale</a> Bitcoin Trust (GBTC) shares.</p>
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   <p lang="en" dir="ltr">Scaramucci Says Grayscale ETF Sales Helped Fuel Bitcoin Decline will take a few days to clear out. Then CAVU. Which is an old Navy expression look it up. <a href="https://t.co/lWzk4sI1zd" target="_blank" rel="noopener noreferrer nofollow">https://t.co/lWzk4sI1zd</a></p>— Anthony Scaramucci (@Scaramucci) <a href="https://twitter.com/Scaramucci/status/1745939522913804780?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">January 12, 2024</a>
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<p>Despite the initial setback, Bitcoin showcased <a href="https://crypto.news/bitcoin-etf-approval-crypto-volume-spiked-market-cap-rose/" target="_blank" rel="noopener noreferrer nofollow">resilience</a>, rebounding to trade over $42,500 on major exchanges. However, the sustainability of this recovery remains uncertain.</p>
<p>You might also like: <a href="https://crypto.news/shark-tank-kevin-oleary-not-interested-bitcoin-etfs/" rel="noopener noreferrer nofollow"> Shark Tank’s Kevin O’Leary: Bitcoin ETFs have zero value to me </a></p>
<p>Schiff pointed out that the first wave of ETF investors likely faced regret as ETF trading was not available over the weekend, leaving them in a vulnerable position amidst the market downturn.</p>
<p>However, his comments did not go unchallenged. An X user, going by the handle @zacguignard, reminded Schiff that Bitcoin investors had held their nerves and their coins when the cryptocurrency was trading at $15k, assuring him that the current dip wouldn’t phase them.</p>
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   <p lang="en" dir="ltr">We literally held through $15k <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#bitcoin</a> do you honestly believe this dip phases us?</p>— ZacG (@zacguignard) <a href="https://twitter.com/zacguignard/status/1745940846447620421?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">January 12, 2024</a>
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<p>Another user, @IncomeSharks, stated that the current Bitcoin price was 100 times higher than it was when Schiff first started his criticism of the cryptocurrency.</p>
<p>The latest dig is not the first time Schiff has had a go at Bitcoin ETF investors since the U.S. Securities and Exchange Commission (SEC) <a href="https://crypto.news/sec-approves-spot-bitcoin-etf-on-accelerated-basis/" target="_blank" rel="noopener noreferrer nofollow">approved</a> the investment instruments.&nbsp;</p>
<p>On Jan. 10, he took to X to express his concerns over the increasing Bitcoin speculation. He suggested that the SEC’s approval of spot Bitcoin ETFs had only added “eleven new ways for speculators to place their bets.”</p>
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   <p lang="en" dir="ltr">In addition to all the previously existing ways to gamble on <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a>, there are now eleven more ways for speculators to place their bets. The problem for the bulls is now what's left to bet on? It's just too bad that Bitcoin itself has no actual real world utility, like <a href="https://twitter.com/hashtag/gold?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#gold</a>.</p>— Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1745201165799686293?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">January 10, 2024</a>
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<p>The larger implications of the Bitcoin ETF launch are currently a hotly debated topic among experts. Some, like BitMEX founder Arthur Hayes, are <a href="https://cryptohayes.medium.com/expression-f580605ebccd" target="_blank" rel="noopener noreferrer nofollow">apprehensive</a> that Bitcoin may begin to mirror a traditional financial asset, thereby losing some of its unique appeal.</p>
<p>Read more: <a href="https://crypto.news/spot-bitcoin-etfs-show-strong-performance-approval/" rel="noopener noreferrer nofollow"> Spot Bitcoin ETFs show strong performance days after approval </a></p>

Peter Schiff doubts BTC investors will ‘hodl’ after ‘long weekend’

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