Avid Crypto Critic Peter Schiff Wants The US SEC Abolished For Approving Bitcoin Futures ETF

Avid Crypto Critic Peter Schiff Wants The US SEC Abolished For Approving Bitcoin Futures ETF
фото показано с : zycrypto.com

2021-10-21 15:13

Key takeaways

Peter Schiff calls for the abolition of the SEC due to Bitcoin futures ETF approval.The gold bull describes the ETF as just another way to “gamble” on Bitcoin.Bitcoin continues to surge even as the ProShares ETF has an impressive first week.

Peter Schiff, founder of Europac Funds, who is also a known gold bull and Bitcoin opponent has said that the SEC’s approval of a Bitcoin ETF shows a high level of incompetence in the commission. For Schiff, the SEC should be abolished for taking a stance on Bitcoin that passed a message of the government’s endorsement of the largest cryptocurrency by market cap as this was bound to ‘mislead’ more people into buying Bitcoin.

“The SEC’s approval of a Bitcoin futures ETF is another reason to abolish the SEC. I have no objection to the ETF. My beef is that Bitcoin pumpers will now use the approval to sucker in more buyers based on the government’s supposed endorsement of Bitcoin by approving the ETF,” – Schiff.

Schiff also described the newly available ETF as just a new way to speculate on Bitcoin which he considers to have no real purpose apart from being a speculative asset.

“Now there’s a new way to gamble on Bitcoin. Anyone buying Bitcoin is gambling. But some gamblers don’t want to risk owning actual Bitcoin, so they gamble with Bitcoin futures instead. Now those who don’t want to risk buying futures contracts can gamble on a Bitcoin futures ETF.”

However, the cryptocurrency community has welcomed the arrival of the first Bitcoin futures ETF with much fanfare. This was to be expected as it has been a long time coming -over 8 years of rejected applications. The ProShares Bitcoin Strategy ETF which launched on the NYSE with the ticker BITO performed so well that it has been billed to have the best day one of any ETF in terms of “natural” by Bloomberg’s ETF Specialist Eric Balchunas. According to data from Bloomberg, the ETF hit $1 billion in trading volume on just its first day. It also ended the day with $570 million in assets. 

The Bitcoin market also surged on the day. Bitcoin is up 3.04% in the last 24 hours and is currently trading at around $64,695. Although in that period too it smashed a new all-time high of $67,000.

Meanwhile, some critics feel that the ETF is likely the worst thing to happen to Bitcoin. According to the pseudonymous investor and analyst Mr. Whale, the ETF is a Wall Street run show with no benefit to people outside of the big investment circles.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 76112.86 (-0.16%)
Объем 24H $62.361b
Изменеия 24h: 0.92 %, 7d: 8.98 %
Cегодня L: $75545.13 - H: $76678.74
Капитализация $1505.455b Rank 1
Цена в час новости $ 64720.16 (17.6%)

bitcoin etf schiff futures sec peter gamble

Источник: zycrypto.com

bitcoin etf → Результатов: 126


Инвесторы вывели $288 млн из Bitcoin ETF: анализ ситуации

Bitcoin ETF продолжают терять деньги — за последние пять дней отток средств составил $288 миллионов. Третьего сентября ситуация обострилась: Grayscale Bitcoin Trust потерял $50. 4 миллиона, а Fidelity — $162.

2024-9-6 11:31


Xедж-фонд Millennium Management сообщил, что владеет биткоин-ETF на сумму $2 млрд

Международный хедж-фонд Millennium Management официально сообщил Комиссии по ценным бумагам и биржам США (SEC), что вложил $1,94 млрд в пять различных спотовых биткоин-ETF. Хедж-фонд диверсифицировал свои инвестиции с помощью ARK 21Shares Bitcoin ETF, Bitwise Bitcoin ETF, Grayscale Bitcoin Trust, iShares Bitcoin Trust и Fidelity Wise Origin Bitcoin ETF.

2024-5-17 14:18


Grayscale Records Inflows Into Spot Bitcoin ETF For The First Time – Here’s The Best Platform To Trade It

Global asset management company and the world’s largest Bitcoin ETF provider, Grayscale, has recorded new inflows into its Spot Bitcoin ETF, Grayscale Bitcoin Trust (GBTC). This development marks a significant milestone for the popular Bitcoin ETF provider, which has consistently experienced millions of dollars in outflows daily.

2024-5-8 12:00


Фото:

VanEck lead charge as Australia prepares for Bitcoin ETF launch

Australia is poised to join the global trend of countries, including the US and Hong Kong, allowing their citizens to invest in Bitcoin exchange-traded funds (ETFs). ASX to approve Bitcoin ETFs Earlier today, Bloomberg reported that the Australian Securities Exchange (ASX) could approve its inaugural batch of spot Bitcoin ETF before the end of the […] The post VanEck lead charge as Australia prepares for Bitcoin ETF launch appeared first on CryptoSlate.

2024-4-29 15:10


Bitcoin ETF Fee Wars Heat Up As Grayscale Mulls Spin-Off; VanEck Slashes Fees To Zero Until 2025

The Bitcoin ETF market has entered a new phase of intense competition as asset managers and issuers strive to attract clients and expand their assets under management (AUM).  Amid this fee war, digital asset manager Grayscale Investments has announced its consideration of a spin-off for its spot Bitcoin exchange-traded fund (ETF), the Grayscale Bitcoin Trust […]

2024-3-13 18:30


Bitcoin ETF Breaks Records: BlackRock’s IBIT Joins Elite ‘$10 Billion Club’ Amidst Soaring Demand

The demand for spot Bitcoin exchange-traded funds (ETFs) has surged since their recent approval on January 10, with BlackRock’s IBIT Bitcoin ETF leading the way. This ETF has reached impressive milestones in less than two months, attracting significant investor interest and opening doors for various market participants to invest in the largest cryptocurrency directly.

2024-3-3 00:30


Will Bitcoin Hit $50,000 Today? Traders Await ETF Decisions as Bitcoin Minetrix Hits Key Presale Milestone

The crypto industry remains poised in anticipation of the approval of the first spot Bitcoin exchange-traded fund (ETF) in the United States. Today, January 10th, is the final deadline for the US Securities and Exchange Commission (SEC) to approve Bitcoin ETF applications, and the whole market is on edge waiting for the decision.

2024-1-10 13:32


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Price Takes a Sharp Dip: Is This Just a Correction?

Bitcoin price is correcting gains from the $73,500 zone. BTC is back below the $70,000 level and showing a few bearish signs. Bitcoin started a fresh decline from the $73,500 zone. The price is trading below $71,500 and the 100 hourly Simple moving average.

Bitcoin Price Nears All-Time High: Can It Push Past the Mark?

Bitcoin price is rallying above the $72,000 zone. BTC is up over 5% and it could soon aim for a new all-time high above $73,500. Bitcoin started a fresh increase above the $70,000 zone. The price is trading above $70,500 and the 100 hourly Simple moving average.

Bitcoin Price Rallies Above $70K: Is a New High Within Reach?

Bitcoin price is rallying above the $70,000 zone. BTC is up over 5% and it could soon aim for a move above the $72,000 resistance zone. Bitcoin started a fresh increase above the $68,000 zone. The price is trading above $70,000 and the 100 hourly Simple moving average.

Bitcoin Price Targets Gradual Rise: Will the Uptrend Hold?

Bitcoin price is attempting a fresh increase above the $67,000 zone. BTC could gain pace if it clears the $68,750 resistance zone. Bitcoin started a fresh increase from the $65,500 zone. The price is trading above $67,200 and the 100 hourly Simple moving average.

Bitcoin Price Eyes Further Gains: Can It Keep Climbing?

Bitcoin price is attempting a fresh increase above the $37,000 zone. BTC could gain pace if it clears the $68,800 resistance zone. Bitcoin started a fresh increase from the $65,200 zone. The price is trading above $67,500 and the 100 hourly Simple moving average.