Bitcoin critics are criticizing the upcoming Spot Bitcoin ETF which is expected to be approved in the US. It is an instrument of speculation, no different from a gambling den.
Peter Schiff is a well-known economist and has always been a skeptic of cryptocurrencies. The “Bitcoin” website issued sharp criticism yesterday (January 9) via the “X” platform, indicating that “Bitcoin” is a failed digital currency and its success is only for speculation.
In addition to noting that if the Spot Bitcoin ETF is approved in the US it will merely serve as a gateway for a new group of gamblers to enter the gambling den.
Schiff has often expressed doubts about cryptocurrencies and the regulatory bodies that regulate them. In October 2021, he criticized the SEC's approval of the Bitcoin Futures ETF and called for the agency to be disbanded.
He also points out that many people confuse ETF approval with government approval of Bitcoin, which Schiff doesn't see that way. For this purpose, investing in Bitcoin, whether directly, indirectly, or through futures contracts or spot ETFs. It is considered a form of gambling.
source: Yo today
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