According to U.Today, Peter Schiff, a well-known critic of cryptocurrency, has recently forecasted that Bitcoin exchange-traded funds (ETFs) issuers might face lawsuits from dissatisfied customers. Schiff believes that these customers, after experiencing significant losses, will seek ways to recoup their investments. He also suggests that risk disclosures may not necessarily protect these issuers from legal issues due to conflicting public and private statements.
Schiff has previously described Bitcoin ETFs as 'speculative casinos,' predicting their success would be short-lived. However, these products have so far proven to be remarkably successful. Earlier this week, BlackRock's IBIT became one of the top 3% US ETFs after nearing $20 billion in assets under management (AUM). It also set a record as the fastest ETF to reach $10 billion in AUM. Last month, Bitcoin ETFs drew $111 billion in trading volume.
Despite receiving criticism from his followers for his constant Bitcoin posts, Schiff defended his stance, arguing that an alternative viewpoint is necessary on a social media platform filled with Bitcoin enthusiasts. Schiff's dislike for the leading cryptocurrency dates back to 2011 when Bitcoin was valued at just $31. Despite Bitcoin now being a $1.3 trillion asset, Schiff remains unimpressed by the flagship coin. He is also pessimistic about the upcoming halving event set to occur in the coming days.