Cardano Founder Supports Schiff on Bitcoin ETFs

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Peter Schiff, a financial commentator and Bitcoin critic, has recently caused a stir by criticizing Bitcoin exchange-traded funds (ETFs). He argues that these ETFs go against the fundamental principles of Bitcoin.

Surprisingly, Charles Hoskinson, the founder of Cardano, has backed Schiff’s view. Hoskinson’s support shows that he agrees with Schiff’s critique of Bitcoin ETFs.

Peter Schiff Criticizes Bitcoin ETFs, Gains Support from Crypto Community

Peter Schiff argues that Bitcoin exchange-traded funds (ETFs) undermine Bitcoin’s core principles of decentralization and peer-to-peer transactions.

He contends that ETFs compromise Bitcoin’s decentralization, make it vulnerable to government seizure, and prevent it from being used as a currency for payments or for cross-border transfers.

Schiff also highlights security concerns, noting that investors holding Bitcoin through ETFs do not truly own their Bitcoin if they lack control over their private keys.

He further criticizes the motivations of new investors, suggesting they are primarily focused on price and profit, which he believes could indicate a potential collapse similar to a pyramid scheme.

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