Known for supporting gold, economist Peter Schiff has recently issued advisories and warnings to investors on exchange-traded funds (ETFs) that track Bitcoin. For investors who were depending on the recent price spike driven by Bitcoin ETFs, Peter sees a possible decline.
Even while these Bitcoin ETFs have recently been helping to raise the price of BTC, he contends that they could potentially cause a supply and demand imbalance when investors sell their holdings, which would bring the price of BTC down.
He thinks that the excitement over Bitcoin is overshadowing the recent increase in gold prices above $2,100.
He continued by saying that because of the present Bitcoin frenzy, most investors will lose out on gold’s potential as a safe-haven asset if they are not careful.
Moreover, he believes that when investors focus their attention back on gold following a Bitcoin bubble burst, the price of gold may rise.
