Peter Schiff claims that the approval of Spot Bitcoin provides “eleven more ways for speculators to place bets”

In a recent article on X, renowned economist Peter Schiff compared Bitcoin to a bet and voiced his doubts about its practical use. His message was sent out just as the Securities and Exchange Commission approved Bitcoin Spot ETFs.

In response to the increasing Bitcoin speculation, Schiff posted on Wednesday on the site previously known as Twitter. “Speculators now have eleven more options to wager on #Bitcoin, on top of all the ones that were already available. The last question for the bulls is: What are they betting on now?”, he said on X.

The amount of funds that will be lost and who will be the ones to lose them is still up in the air, according to Schiff. But early Bitcoin buyers who cashed out lost a lot of money compared to subsequent buyers.

Schiff had previously warned that the rise in Bitcoin ETF approval that traders were hoping for would not materialize. “Those who hold out for the real news to sell their Bitcoin might find that there aren’t many buyers left!” Schiff said.

Schiff admitted that Bitcoin could be delivered “through the internet” when asked about its practicality, but he emphasized that Bitcoin is not a “store of value.” Schiff is an outspoken supporter of gold, it should be said.

Schiff’s citation of eleven additional ways to speculate suggests that Spot ETFs from the following companies may be approved by the SEC: Grayscale Bitcoin Trust, Bitwise, Hashdex, iShares, Valkyrie, ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity Wise Origin,, and Franklin.

As of this writing, Bitcoin was trading at $46,625.76, a 1.9% increase. Wednesday saw the top cryptocurrency reach an intraday high of $47,647.22. Bitcoin saw a 28.95% increase to $52.22 billion in 24-hour trading volume.

According to Benzinga, eleven Bitcoin ETFs have had their applications accepted by the SEC, opening up new avenues for Bitcoin speculation.

Nevertheless, Schiff maintains his disbelief. If the Bitcoin ETF clearance doesn’t follow the usual “buy the rumor, sell the news” pattern, he had previously warned of this. He proposed an alternative: “It’s a ‘buy the rumor, sell the rumor of the news’ event.” As reported by Benzinga.

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