Peter Schiff, founder of Europac Funds, who is also a well-known lover of gold investments, said the SEC’s approval of the BTC ETF indicates a high degree of incompetence on the part of the commission.
According to Schiff, the Securities Commission should be abolished for its position on BTC. The government agency allegedly expressed support for the largest cryptocurrency according to market capitalization, and this certainly “led” other people to buy BTC.
Peter Schiff criticizes the SEC
“The SEC’s approval of the BTC futures ETF is another reason to cancel the SEC. I have no objections to the ETF. It bothers me that BTC’s pumpers will now use this approval to attract more buyers on the grounds that the government allegedly supported BTC by approving the ETF. “
Schiff also described the newly available ETFs as a mere new way of speculating on BTC, which he said has no real purpose other than being a speculative asset.
“Now there’s a new way to bet on BTC. Everyone who buys BTC is a gambler. But some players don’t want to risk owning a real BTC, so instead gamble with BTC futures. “
On the crypto-community side is enthusiasm
Unlike Peter Schiff, the cryptocurrency community welcomed the arrival of the first BTC futures ETF with great fanfare and enthusiasm. This was to be expected, as it had been waited for a long time – more than 8 years when all applications for BTC ETFs were rejected.
In addition, the ProShares BTC Strategy ETF, which was launched on the New York Stock Exchange with a BITO ticker, performed so well that Bloomberg’s ETF specialist Eric Balchunas rated it as the best in the first few days (of all ETFs ever launched). According to Bloomberg, the ETF had a trading volume of $ 1 billion on the first day. The day also ended with assets of $ 570 million.
In addition, another BTC ETF, this time Valkyrie, began trading on the NASDAQ on Friday, October 22nd. Spicy is the name of his BTFD ticker, which humorously refers to the well-known slogan “Buy The Fucking Dip.”
Already during the first speculations about the launch of the BTC ETF, the chart showed that the price was starting to rise, which was confirmed on the day of the official launch, when the price of BTC rose by 3.04% in 24 hours and set a new all-time high of about $ 67,000. . It is currently around $ 61,700 at the time of writing.
However, some critics believe that the ETF is probably the worst thing that could have happened to BTC. According to the pseudonymous investor and analyst Mr. Whale is an ETF mere show run by Wall Street without any benefit to people (outside large investment circles).