Gold bug Peter Schiff believes that recent rally is based on naive anticipation rather than genuine market confidence

Well-known Bitcoin skeptic Peter Schiff has once again slammed the largest cryptocurrency. This time, he is focusing on the potential introduction of a Bitcoin exchange-traded fund (ETF).

In his latest post on the X social media platform, Schiff questioned the intelligence of potential Bitcoin ETF buyers. He believes that the recent price surge was driven purely by "the anticipation of people being dumb enough to buy it."

ETF-driven rally 

As reported by U.Today, the Bitcoin price recently surpassed $35,000 for the first time in 17 months. Other major cryptocurrencies, including Ethereum, BNB and XRP, have also posted gains. 

This market surge is closely tied to the speculation surrounding the U.S. approval of a Bitcoin ETF. Mike Novogratz, CEO of Galaxy Digital, recently expressed his confidence in the imminent approval during a conversation on CNBC's "Squawk Box." With institutions like BlackRock advancing their ETF applications, it is a matter of "when," not "if," according to the crypto mogul. 

During her recent interview, SEC Commissioner Hester Peirce also acknowledged the evident interest from major firms like BlackRock in Bitcoin ETFs.

Staunch Bitcoin critic 

Over the years, Schiff, a staunch gold advocate, has often compared Bitcoin unfavorably to gold, stating that the former lacks intrinsic value and utility. 

He has consistently voiced concerns over Bitcoin's volatility while questioning its role as a reliable store of value.

Additionally, Schiff has repeatedly slammed the speculative nature of Bitcoin investments. He posits that many investors are driven by hopes of selling their holdings at higher prices rather than believing in Bitcoin's fundamental value. His most recent remarks on the Bitcoin ETF align with this view.

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].