After the recent approval of Bitcoin Spot ETFs, the price of BTC, previously reaching $49,000, has witnessed a notable drop, now standing at $43,824—a decrease of approximately 5% in the last 24 hours.
Renowned anti-Bitcoin analyst Peter Schiff shared his perspective on this decline, stating, “As speculators sell shares of spot BTC ETFs, the ETFs will be required to convert Bitcoin exclusively into US dollars, with Tether not being accepted as a form of payment.” He highlighted the potential liquidity challenges, pointing out that Tether, historically used to provide liquidity and support prices, may not play a role in this scenario.
Schiff also criticized speculators for their behavior, noting that they initially “bought the rumor of spot Bitcoin ETF approvals” and are now “selling the news.” He expressed sarcastic disbelief, saying, “Who would have thought?”
Taking a swipe at CNBC, Schiff criticized the network for overlooking the decline in BTC and the $30 surge in gold.
Additionally, Schiff questioned whether the decline in BTC price is a result of BTC Spot ETFs or if the Bitcoin Spot ETFs are facing a downward trend because of the falling BTC price.
