{"id":12502,"date":"2024-04-12T12:17:35","date_gmt":"2024-04-12T09:17:35","guid":{"rendered":"https:\/\/forklog.com\/en\/peter-schiff-predicts-bitcoins-collapse-due-to-etfs\/"},"modified":"2024-04-12T12:17:35","modified_gmt":"2024-04-12T09:17:35","slug":"peter-schiff-predicts-bitcoins-collapse-due-to-etfs","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/peter-schiff-predicts-bitcoins-collapse-due-to-etfs\/","title":{"rendered":"Peter Schiff Predicts Bitcoin&#8217;s Collapse Due to ETFs"},"content":{"rendered":"<p>Peter Schiff, President of Euro Pacific Capital, explained on Patrick Bet-David&#8217;s podcast how Bitcoin will face &#8220;the biggest crash in history,&#8221; leading MicroStrategy to bankruptcy.<\/p>\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\">\n<div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"$1 Million in Bitcoin, Gold or Baseball Cards? Peter Schiff Makes a SURPRISING Choice!\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/l6we8qcNS10?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div>\n<\/figure>\n<p>A well-known critic of the leading cryptocurrency, Schiff described it as a Ponzi scheme lacking intrinsic value. According to him, Bitcoin&#8217;s price rises solely due to hype and the <a href=\"https:\/\/ru.wikipedia.org\/wiki\/%D0%A2%D0%B5%D0%BE%D1%80%D0%B8%D1%8F_%D0%B1%D0%BE%D0%BB%D1%8C%D1%88%D0%B5%D0%B3%D0%BE_%D0%B4%D1%83%D1%80%D0%B0%D0%BA%D0%B0\">greater fool theory<\/a>. However, the <a href=\"https:\/\/u1f987.com\/en\/news\/sec-approves-all-11-spot-bitcoin-etf-applications\">introduction<\/a> of spot ETFs in the US will ultimately lead the asset to collapse, Schiff believes.<\/p>\n<p>He noted that investors in the growing exchange-traded Bitcoin funds view the cryptocurrency as a speculative asset rather than being its proponents. The Euro Pacific Capital founder previously likened these proponents to cultists.<\/p>\n<p>At some point, short-term ETF shareholders will decide to close their positions, Schiff suggested. Issuers like BlackRock and others will have to sell Bitcoin on the spot market.<\/p>\n<p>They will need US dollars, not the widely used USDT in the crypto industry, and there will not be enough liquidity &#8220;to absorb these sales,&#8221; he emphasized.<\/p>\n<p>Schiff pointed out that the long-running largest Bitcoin fund, Grayscale, did not provide an exit for investors, resulting in the GBTC shares&#8217; discount periodically reaching 50%.<\/p>\n<p>The head of Euro Pacific Capital did not directly answer whether MicroStrategy&#8217;s founder, Michael Saylor, is a &#8220;greater fool.&#8221; The company continues its strategy of accumulating Bitcoin reserves, initiated in August 2020. As of March, the firm held <a href=\"https:\/\/u1f987.com\/en\/news\/microstrategys-bitcoin-holdings-surpass-1-of-cryptocurrencys-total-supply\">214,246 BTC<\/a> on its balance sheet.<\/p>\n<p>Schiff admitted he does not understand Saylor&#8217;s motives. In his view, MicroStrategy will inevitably go bankrupt if Bitcoin collapses, as it <a href=\"https:\/\/u1f987.com\/en\/news\/microstrategy-to-issue-500-million-in-bonds-for-bitcoin-acquisition\">uses debt financing<\/a> to purchase the cryptocurrency.<\/p>\n<p>Back in July 2023, Schiff stated that he underestimated the &#8220;potential of the Bitcoin bubble,&#8221; which will still fall to zero.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Peter Schiff, President of Euro Pacific Capital, explained on Patrick Bet-David&#8217;s podcast how Bitcoin will face &#8220;the biggest crash in history,&#8221; leading MicroStrategy to bankruptcy. A well-known critic of the leading cryptocurrency, Schiff described it as a Ponzi scheme lacking intrinsic value. According to him, Bitcoin&#8217;s price rises solely due to hype and the greater [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12501,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1146,569,1138,1298],"class_list":["post-12502","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-market-forecasts","tag-etf","tag-opinions","tag-peter-schiff"],"aioseo_notices":[],"amp_enabled":true,"views":"31","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/12502","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=12502"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/12502\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/12501"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=12502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=12502"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=12502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}