The post Peter Schiff Weighs Reason Behind Bitcoin’s Performance Despite Bitcoin ETF Approval appeared first on Coinpedia Fintech News
After the spot Bitcoin ETF approval by the SEC, many people in the industry assumed that the approval would boost the price of Bitcoin but it did not happen. Since the spot Bitcoin ETF has been approved, Bitcoin has shown very low performance.
Peter Schiff Chief economist and global strategist at europac.com shared his insight on why Bitcoin is performing at a low price the major reason behind this is people are selling more Bitcoin than buying due to temporary profits and this results in a loss in Bitcoin’s performance.
The reason that investor buying of the new #BitcoinETFs isn’t pushing up the price of #Bitcoin is that the outflows from $GBTC plus selling of #BTC exceed the combined inflows into all of the other ten Bitcoin ETFs. Once the initial ETF demand wanes, I expect a bigger price drop.
— Peter Schiff (@PeterSchiff) January 17, 2024
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