{"id":14462,"date":"2024-06-18T15:14:52","date_gmt":"2024-06-18T12:14:52","guid":{"rendered":"https:\/\/forklog.com\/en\/peter-schiff-highlights-bitcoin-etf-risks\/"},"modified":"2024-06-18T15:14:52","modified_gmt":"2024-06-18T12:14:52","slug":"peter-schiff-highlights-bitcoin-etf-risks","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/peter-schiff-highlights-bitcoin-etf-risks\/","title":{"rendered":"Peter Schiff Highlights Bitcoin ETF Risks"},"content":{"rendered":"<p>Peter Schiff, President of Euro Pacific Capital, has outlined a potential hedge fund strategy that could lead to the collapse of Bitcoin and MicroStrategy.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">I wonder how many <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> or Bitcoin ETFs were bought by hedge funds shorting MicroStrategy. If <a href=\"https:\/\/twitter.com\/search?q=%24MSTR&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$MSTR<\/a> tanks and funds unwind those trades, they will be big sellers of Bitcoin and Bitcoin ETFs. A Bitcoin crash will put more downward pressure on MSTR, even as shorts cover. <a href=\"https:\/\/twitter.com\/saylor?ref_src=twsrc%5Etfw\">@saylor<\/a><\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1802706120399552923?ref_src=twsrc%5Etfw\">June 17, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In April, the well-known critic of the leading cryptocurrency <a href=\"https:\/\/u1f987.com\/en\/news\/peter-schiff-predicts-bitcoins-collapse-due-to-etfs\">stated<\/a> that the growing volume of spot ETFs would ultimately lead to its downfall. According to Schiff, investors in these exchange-traded structures view digital gold as a speculative asset and will eventually decide to close their positions. This will trigger a sell-off amid a lack of liquidity.<\/p>\n<p>In a new tweet, he noted that Bitcoin has been trading sideways for the third month, 11% below its March <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-surpasses-72000-mark\">peak<\/a>. Schiff expressed doubt about the market&#8217;s positive trend and suggested that investors might lose patience.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;I wonder how many Bitcoin ETFs were bought by hedge funds shorting MicroStrategy,&#8221; he pondered.<\/p>\n<\/blockquote>\n<p>According to this scheme, by deciding to liquidate shares of exchange-traded funds, institutions hedge the inevitable cryptocurrency collapse with shorts on Michael Saylor&#8217;s company.<\/p>\n<p>MicroStrategy continues its strategy of accumulating Bitcoin reserves, initiated in August 2020. In April, the firm acquired 122 BTC, bringing its total cryptocurrency holdings <a href=\"https:\/\/u1f987.com\/en\/news\/microstrategy-acquires-additional-122-btc\">to 214,400 BTC<\/a> (~$14 billion). According to <a href=\"https:\/\/bitcointreasuries.net\/\">Bitcoin Treasuries<\/a>, the value of digital gold exceeds 52% of the company&#8217;s capitalization.  <\/p>\n<p>In June, MicroStrategy announced the issuance of $700 million in convertible bonds to &#8220;acquire additional Bitcoins and fund general corporate purposes.&#8221;<\/p>\n<p>On June 17, the outflow from Bitcoin ETFs amounted to $145.8 million, totaling $561.1 million over the last three trading days.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Peter Schiff, President of Euro Pacific Capital, has outlined a potential hedge fund strategy that could lead to the collapse of Bitcoin and MicroStrategy. I wonder how many #Bitcoin or Bitcoin ETFs were bought by hedge funds shorting MicroStrategy. If $MSTR tanks and funds unwind those trades, they will be big sellers of Bitcoin and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14461,"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":[1146,1138,1298],"class_list":["post-14462","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-market-forecasts","tag-opinions","tag-peter-schiff"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/14462","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=14462"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/14462\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/14461"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=14462"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=14462"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=14462"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}