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US economist says his Bitcoin ETF doomsday warning is coming true

US economist says his Bitcoin ETF doomsday warning is coming true

After Bitcoin (BTC) pulled back below its recently surpassed psychological price level at $70,000, it wasn’t long before one of its greatest skeptics, the American economist and gold bug Peter Schiff, addressed spot Bitcoin exchange-traded fund (ETF) investors in an ‘I told you so’ fashion.

As it happens, Peter Schiff said that he had previously warned about the dangers of Bitcoin ETFs, considering their holders “can do nothing but watch and wait until the NYSE opens tomorrow morning,” referring to the above pullback in the price of the maiden cryptocurrency, according to his X post on April 14.

Indeed, the popular economist had earlier pointed out that holding Bitcoin in an ETF is problematic because it limits liquidity to the US market hours, so the market crashing overnight would leave the investors helpless and unable to sell until the US market opens for trading in the morning.

Peter Schiff’s BTC price prediction

Taking into account its recent movements, Schiff believes that the flagship decentralized finance (DeFi) asset below $70,000 has created critical support at $60,000 and that a “decisive break below that level will create a formidable triple top,” with the “immediate downside projection (…) to $20K.”

Bitcoin price action analysis
Bitcoin price action analysis. Source: Peter Schiff

Additionally, he projected that MicroStrategy (NASDAQ: MSTR), the company that has purchased massive amounts of Bitcoin over time through its co-founder Michael Saylor’s initiative, would have a “$2.7 billion unrealized loss on 214K Bitcoin acquired at an average price of $34K.”

Bitcoin price analysis

Meanwhile, the largest asset in the cryptoverse was at press time changing hands at the price of $66,790, recording a 4.23% increase in the last 24 hours, as it moves to recover from the 7.39% decline across the previous seven days and the 3.25% drop on its monthly chart, as per data on April 15.

Bitcoin price 24-hour chart
Bitcoin price 24-hour chart. Source: Finbold

All things considered, Peter Schiff might have a point when it comes to the limitations of spot Bitcoin ETFs, but he could say the same for many other assets, as a few of the commenters to his post pointed out. On top of that, it could also indicate that buying Bitcoin directly might be better for some investors.

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