GBTC - Gold Bull Peter Schiff Says Spot Bitcoin ETF Does Nothing To Increase Adoption: 'All It Does Is...' | Benzinga
Gold bull Peter Schiff on Wednesday dismissed the notion that a spot Bitcoin (CRYPTO: BTC) ETF would drive adoption, claiming it simply facilitates speculative betting on price movements.
What Happened: In a tweet on X, Schiff posted that a spot Bitcoin ETF just "make[s] it easier for some speculators to place directional bets on price."
He criticized CNBC for overlooking the fact that “gambling doesn’t count as a use case for a currency.”
This statement comes as the U.S. Court of Appeals for the D.C. Circuit on Wednesday cleared the path for Bitcoin exchange-traded funds (ETFs).
The court’s decision favored Grayscale in a legal battle against the Securities and Exchange Commission (SEC), which had previously denied their application to convert the Grayscale Bitcoin Trust (OTCQX:GBTC) into an ETF. Following the news, ...