US economist predicts Bitcoin’s ‘catastrophic crash’ due to ETFs
With the larger part of the cryptocurrency market flashing red after a period of exceptional bullishness, Bitcoin (BTC) is leading the trend, and one of its most famous critics, Peter Schiff, has warned about the possibility of its catastrophic crash due to the spot exchange-traded funds (ETFs). Indeed, the prominent Bitcoin skeptic has voiced his opinion that the more of the flagship decentralized finance (DeFi) asset enters into ETFs, the more vulnerable it will become to a “catastrophic crash,” according to his post on the social media platform X shared on March 18. As Schiff explained, this is because “ETF buyers are more likely traders than true believers” in Bitcoin’s underlying technology, so if the price of the maiden crypto asset is increasing, “they’ll go along for the ride.” However, “once it enters a bear market, they’ll bail out.” Picks for you We asked ChatGPT-4 if Bitcoin can hit $100k before halving; Here’s what it said 39 mins ago AI predicts Sola