Economist Peter Schiff, known for his advocacy of gold, has recently warned investors and advised them on Bitcoin exchange-traded funds (ETFs). Peter predicts a potential downturn for those counting on the recent price surge fueled by Bitcoin ETFs.
However, he argues that even with the consideration of the fact that these Bitcoins ETFs have recently been boosting the price of BTC, they may also lead to its downfall and a potential supply and demand imbalance when investors offload their holdings.
He believes the fascination with Bitcoin is overshadowing gold’s recent rise above $2,100.
He added that most investors if not careful are going to miss out on gold’s potential as a safe-haven asset due to the current Bitcoin craze.
Furthermore, he predicts that a Bitcoin bubble burst could lead to higher gold prices when investors turn their attention back to it.
