[2024-08-05] Peter Schiff Warns of Mass Bitcoin ETF Liquidations ...

[chmod755]

Peter Schiff Warns of Mass Bitcoin ETF Liquidations and 'Crypto Black Monday'

Economist and gold advocate Peter Schiff has warned investors that a sharp drop in bitcoin’s price could trigger mass bitcoin exchange-traded fund (ETF) liquidations. “If so, brace for a Crypto Black Monday,” he cautioned. He believes that bitcoin has been in a major bear market for almost three years.

Peter Schiff Warns of Sharp Decline in Bitcoin and Ethereum ETFs

Economist and gold advocate Peter Schiff once again voiced his criticisms of bitcoin through a series of posts on the social media platform X, sharing his perspective on the bitcoin market after its price plummeted over the weekend.

The gold bug explained that BTC had fallen below $58,000, noting that if the crypto drops past its July low by tomorrow’s U.S. stock market opening, bitcoin exchange-traded funds (ETFs) could drop over 15%, reaching 30% below their January highs. Schiff predicted:

A loss of that magnitude may finally trigger mass ETF liquidations. If so, brace for a Crypto Black Monday.

In a follow-up post, Schiff noted that bitcoin ETF investors are not committed for the long haul, stating: “Bitcoin ETF buyers are not long-term HODLers. They have also never experienced losses of this size in bitcoin. This will be rude awakening, especially since they were told bitcoin was a safe haven, store of value.”

When the price of bitcoin fell below $60K on Saturday, Schiff commented: “It’s now down 19% from its high. But in terms of real gold, which is the best way to measure its price, it’s down 34% since hitting its high in Nov. 2021. Bitcoin has been in a major bear market for almost three years and HODLers still don’t realize it.”

Schiff also shared his prediction regarding ethereum, stating on X Sunday: “Ethereum just broke below $2,800 for the first time since Feb. Ether is now trading more than 10% lower than it was when the new ethereum ETFs closed on Friday. If ether holds this price until Monday’s stock market open, those ETFs would gap down 25% below their July 27th highs.”

Source: https://news.bitcoin.com/peter-schiff-warns-of-mass-bitcoin-etf-liquidations-and-crypto-black-monday

[cr1776]

He has been wrong about bitcoin for 10-15 years.  In many things he is correct, but he has an illogical bias against bitcoin.  Unfortunately for people who follow his advice, they have been left out of one of the best inflation protection and highest return assets in decades.

[chmod755]

He has been wrong about bitcoin for 10-15 years. 

Maybe he's right about it in the future. Who knows what the future holds for crypto?

[Saint-loup]

He has been wrong about bitcoin for 10-15 years.  In many things he is correct, but he has an illogical bias against bitcoin.  Unfortunately for people who follow his advice, they have been left out of one of the best inflation protection and highest return assets in decades.

Bitcoin is one of the best inflation protection, is just a maximalist mantra without solid roots IMO. Because I don't understand how Bitcoin can protect people funds against inflation if they have no idea of its price during even the very next weeks. How they will be able to use an asset with such volatility when they will need it. If they urgently need money because of the inflation and BTC price is dipping, what they will do? It has nothing to do with gold which is very stable overtime.

[NeuroticFish]

Peter Schiff Warns of Sharp Decline in Bitcoin and Ethereum ETFs

Peter Schiff posts on Bitcoin and crypto should be taken very lightly. He does quite a lot of advertising (indirectly), but not much else. He plays an anti bitcoin character (for some years I no longer believe he is anti bitcoin), and this character's posts must, where possible, highlight how bad and risky bitcoin investments are.

This being said, together with the fact already pointed out that he was mostly wrong about bitcoin,... his warning worth less than the space on hard-disks it resides on (heh, it sounded better in the days of paper).


PS. This stands true for all of his warnings.