Prominent economist and gold advocate Peter Schiff has issued a stark warning to investors of Bitcoin exchange-traded funds (ETFs), predicting a potentially grim future for those betting on the cryptocurrency's ETF-driven rally.
According to Schiff, the surge in Bitcoin's price, which recently saw the digital currency reclaim the $67,000 level amid growing hype around Bitcoin ETFs, could be setting up for a dramatic reversal.
Schiff argues that the ETFs are "the tail that wags the Bitcoin dog." The ETFs have fueled Bitcoin's ascent, but they could also lead to its downfall due to a potential mismatch in supply and demand when investors decide to sell.
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