Peter Schiff warns of massive Bitcoin ETF liquidations and "crypto Black Monday"
Economist and gold advocate Peter Schiff has warned investors that a sharp drop in the price of Bitcoin could lead to mass liquidation of Bitcoin exchange-traded funds (ETFs). “If this happens, prepare for a crypto Black Monday,” he warned. He believes that Bitcoin has been in a major bear market for almost three years.
Peter Schiff warns of sharp fall in Bitcoin and Ethereum ETF
Economist and gold advocate Peter Schiff has again voiced his criticism of Bitcoin in a series of posts on social media platform X, sharing his views on the Bitcoin market following its sharp decline over the weekend.
A gold fan explained that BTC fell below $58,000, noting that if the cryptocurrency falls below its July low by the opening of the US stock market tomorrow, Bitcoin exchange-traded funds (ETFs) could lose more than 15%, reaching 30% below their January highs. Schiff predicted:
A loss of this magnitude could finally trigger a massive ETF liquidation. If this happens, get ready for a crypto Black Monday.
In a follow-up message, Schiff noted that Bitcoin ETF investors are not committed to long-term ownership. He stated: “Bitcoin ETF buyers are not long-term HODLers. They have also never experienced such losses on Bitcoin. This will be a rude awakening, especially since they have been told that Bitcoin is a safe asset, a store of value.”
