According to U.Today, renowned financial expert and banker Peter Schiff has questioned the recent bullish Bitcoin forecast made by crypto mogul Mike Novogratz. Schiff, who is known for his skepticism towards Bitcoin, has challenged Novogratz's prediction that the influx of buyers through Bitcoin ETFs will significantly increase the digital asset's value.
Novogratz had suggested that many Bitcoin ETF buyers, who are new to the crypto space, would act as long-term holders. However, Schiff dismissed this idea, describing them as opportunistic traders instead. He suggested that these 'Johnny-come-lately' buyers lack the conviction of true Bitcoin believers and are merely testing the waters. Schiff also implied that these investors would likely be the first to leave if the market conditions become unfavorable.
Schiff's skepticism also extends to the broader implications for Bitcoin-related equities. He highlighted the downturn in various Bitcoin-related stocks, including Coinbase's COIN, GLXY, MSTR, WGMI, MARA, BITF, and HIVE. He questioned why these assets are struggling despite the purported bullish sentiment surrounding Bitcoin ETFs.
Schiff's critique adds to the ongoing debate over Bitcoin's future trajectory and the potential impact of institutional investment vehicles like ETFs. While Novogratz remains optimistic about Bitcoin's prospects, Schiff's critical viewpoint underscores the divergent opinions within financial circles regarding the crypto's long-term prospects and investment appeal.