Peter Schiff Criticizes Bitcoin ETF Hype, Claims Gold ETFs Outperforming - U.Today
Renowned financial expert Peter Schiff has once again targeted ETFs, stating that their recent performance proves that the excitement around them is misguided. In a recent analysis, Schiff highlighted the significant difference in returns between Bitcoin and gold ETFs. While Bitcoin ETFs have only seen modest gains of less than 17% since their launch in January, precious metal ETFs have surged over 24% despite facing substantial outflows. Schiff believes that investors erred in favoring Bitcoin ETFs over gold ETFs.
Schiff has been a long-time critic of Bitcoin ETFs, arguing that cryptocurrencies are fundamentally flawed assets lacking intrinsic value. His latest remarks coincide with a challenging period for the industry, with Bitcoin struggling to maintain its price.
The gloom continues as spot Bitcoin ETFs experience continuous net outflows. On September 4th, these ETFs witnessed a total net outflow of $37.29 million, marking six consecutive days of outflows. Grayscale's GBTC ETF, once a major player, recorded a net outflow of $34.25 million on the same day, bringing its total historical net outflows to a staggering $19.94 billion.
In contrast, the Bitwise ETF BITB attracted a net inflow of $9.46 million on September 4th. However, this was insufficient to counter the prevailing outflow trend.
In conclusion, Peter Schiff's criticism of Bitcoin ETFs highlights the ongoing debate between cryptocurrency and traditional assets like gold. Investors should carefully assess the performance and underlying value of different assets before making investment decisions. The recent trends in ETF flows indicate shifting investor sentiment, which could impact the overall market dynamics and individual portfolios.