Peter Schiff Takes A Jab At Investors For Choosing Bitcoin ETF Over Gold ETF, Says They 'Bet On The Wrong Horse'

Benzinga09-06

Peter Schiff, a renowned economist and a fierce Bitcoin BTC/USD skeptic, highlighted the underperformance of exchange-traded funds (ETFs) that track the cryptocurrency’s price against those of gold. ...

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In contrast, he pointed out how the largest gold ETF, SPDR Gold Trust ETF GLD, has risen 24% despite massive outflows. \nSchiff then took a jibe at investors’ strategy, saying, “It’s clear that despite all the hype, ETF investors bet on the wrong horse.”\nBut how far were these claims correct?\niShares Bitcoin Trust ETF IBIT, currently the world’s largest Bitcoin fund, has grown 19.6% since launch, while the ARK 21Shares Bitcoin ETF ARKB has spiked 19.74%. Similarly, the Fidelity Wise Origin Bitcoin Fund FBTC was up 19.84% since the Jan. 10 listing. \nHis claim of the SPDR Gold Trust gaining 24% since the Bitcoin ETFs, however, was correct.\n\nSince they first launched in January of this year, despite massive inflows, the new #Bitcoin ETFs are up less than 17%. In contrast, $GLD, the largest #gold ETF, despite massive outflows, is up over 24%. It's clear that despite all the hype, ETF investors bet on the wrong horse.— Peter Schiff (@PeterSchiff) September 5, 2024\n\nSee Also: UK Crypto Firms Face 87% Rejection Rate In FCA Registration Process\nEven then, cryptocurrency enthusiasts countered Schiff’s argument. One X user, Tiger Trades, said, “So you are comparing 17% vs. 24%? They seem very correlated considering from January.”\nWhy It Matters: The latest observation aligned with Schiff’s previous remarks on the performance divergence between Bitcoin and gold over the past six months. He has consistently highlighted Bitcoin’s underwhelming performance against gold, suggesting a shift in momentum.\nIt should be remembered that Schiff is known for coming up with small timeframe windows as per his liking to highlight Bitcoin’s weaknesses and exaggerate the performance of assets he supports, most notably gold.\nSchiff, a longtime skeptic, previously stated that he is ‘open-minded’ but has yet to find a sufficient justification to shift his view on Bitcoin.\nPrice Action: At the time of writing, Bitcoin was exchanging hands at $56,743.41, down 1.50% in the last 24 hours, according to data from Benzinga Pro.\nPhoto Courtesy: Wikimedia Commons\nRead Next: \n\nCrypto Trader Dismisses Possibility Of Bitcoin’s Potential Crash, Meme Coins Not The Backbone Of ‘All-Around Crypto Cycle’\n Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. 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