Peter Schiff takes almost every opportunity to take a swipe at Bitcoin. Now he claims that if only the United States Securities and Exchange Commission (SEC) agrees to the creation of an ETH ETF, dark times will come for bitcoin. It's about a fight for capital between two cryptocurrencies.
Peter Schiff attacks BTC again
Let's start with the fact that after a decade of efforts, Bitcoin ETFs were created at the beginning of this year. Now several applicants are trying to set up ether funds. There are many indications that these will also be created. What does this mean for the entire cryptocurrency market? The fact that a new group of investors, for whom the barrier to investing in digital currencies was previously the need to set up a wallet, will be able to buy their coins through Wall Street funds. Yes, this is a big breakthrough! This is already visible in the example of BTC and maybe we will soon see the effects in the Ethereum field.
Peter Schiff, who is doing a lot to go down in history, not as an investor who predicted the 2008 crisis, but as the biggest enemy of bitcoin, tries to look again at the dark side of the whole situation.
Bitcoin has gained new strength amid rumors that an Ethereum ETF is likely to be approved. However, any money to buy new (units of) Ether ETFs will most likely come from existing Bitcoin ETFs. Investors who have decided to allocate to #crypto will not increase this allocation to buy ether
– he wrote on X
Is Peter right?
And now the key question: is Schiff wrong this time? Yes and no. It is quite possible that the creation of ether ETFs will cause capital to flow – at least temporarily – from the BTC market to Ethereum. ETH funds will probably also receive dollars that would not otherwise flow into the cryptocurrency market.
In other words, ether ETFs won't hit bitcoin hard. They will only make investing in cryptocurrencies easier (albeit in an indirect way).
