Economist and vocal opponent of the original cryptocurrency, Peter Schiff, has gone into “I told you so” mode, slamming the crypto community for their losses after Bitcoin’s (BTC) performance fell short of expectations following the debut of the first spot Bitcoin exchange-traded fund (ETF) in the US.
Following the SEC’s approval of eleven spot Bitcoin exchange-traded funds (ETFs), Schiff claimed recently that the cryptocurrency industry made fun of his earlier prediction that the “buy the rumor, sell the news” mentality would affect Bitcoin’s price:
“The Bitcoin ‘experts’ who made fun of me and others who predicted that the new Bitcoin ETFs would be a ‘buy the rumor, sell the news’ event are now downplaying the importance of the decline, saying it’s just another classic case of ‘buy the rumor, sell the news’ that was expected.”
This is why he stands by his prior prediction that the first cryptocurrency would fail and lose all of its value; he cites the newly authorized spot Bitcoin ETFs as evidence that these funds “aren’t creating additional demand, but merely shifting demand.” As per his instructions:
“Investors who were considering purchasing Bitcoin or Bitcoin-related stocks such as MSTR or GBTC are now opting to purchase the new exchange-traded funds instead. The ship will continue to sink regardless of how you rearrange the deck seats.”
Schiff concluded by making a final attack on Bitcoin proponents, saying that “no matter how low the price of Bitcoin falls, its proponents will always be able to claim it outperformed gold.” He went on to say that even if Bitcoin drops to $100 in 2031 and gold rises to $10,000, Bitcoin proponents will still argue that Bitcoin has increased 100 times in the past 20 years, while gold has only increased 5 times.
Interestingly, the prominent proponent of gold effectively terminated any further conversation when popular trader and investor Harsh Dixit questioned what would happen if the main decentralized finance (DeFi) asset reached $10 million by 2031.
For those who may have forgotten, the Papiermark was Germany’s currency from 1914 until its value fell to near-zero levels in the hyperinflation that followed the conclusion of World War I in 1923. In response, the government introduced the Retenmark and, not long after, the Reichsmark.
At the same time, according to the most recent data gathered by Finbold on January 29, Bitcoin was trading hands at $42,256 as of press time, down 1% on the day but still up 3.26% for the week and 1.34% for the month.
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