Peter Schiff Highlights Underperformance of Bitcoin BTC/USD ETFs Against Gold GLD Despite Substantial Inflows

Peter Schiff, a renowned economist and a fierce Bitcoin BTC/USD skeptic, highlighted the underperformance of exchange-traded funds (ETFs) that track the cryptocurrency's price against those of gold.

Renowned economist and Bitcoin skeptic Peter Schiff highlighted the underperformance of exchange-traded funds (ETFs) that track the cryptocurrency’s price against those of gold.

In an X post on Thursday, Schiff pointed out that despite substantial inflows, the new Bitcoin ETFs have gained less than 17% since their launch in January. In contrast, he highlighted how the largest gold ETF, SPDR Gold Trust ETF (NYSE:GLD), has risen 24% despite massive outflows.

Schiff then took a jibe at investors’ strategy, saying, “It’s clear that despite all the hype, ETF investors bet on the wrong horse.”

But how far were these claims correct?

iShares Bitcoin Trust ETF (NYSE:IBIT), currently the world’s largest Bitcoin fund, has risen 19.6% since launch, while the ARK 21Shares Bitcoin ETF (NYSE:ARKB) has spiked 19.74%.

Moreover, the Fidelity Wise Origin Bitcoin Fund (NYSE:FBTC) was up 19.84% since the Jan. 10 listing.

His claim of the SPDR Gold Trust gaining 24% since the Bitcoin ETFs, however, was correct.

Since they first launched in January of this year, despite massive inflows, the new #Bitcoin ETFs are up less than 17%. In contrast, $GLD, the largest #gold ETF, despite massive outflows, is up over 24%. It's clear that despite all the hype, ETF investors bet on the wrong horse.

See Also: UK Crypto Firms Face 87% Rejection Rate In FCA Registration Process

Even then, cryptocurrency enthusiasts countered Schiff’s argument. One X user, Tiger Trades, said, “So you are comparing 17% vs. 24%? They seem very correlated considering from January.”

The latest observation came in line with Schiff’s previous remarks on the performance divergence between Bitcoin and gold over the past six months. He has consistently highlighted Bitcoin’s underwhelming performance against gold, suggesting a shift in momentum.

It may be recalled that Schiff is known for cherry-picking small timeframe windows to highlight Bitcoin’s weaknesses and exaggerate the performance of assets he supports, such as gold.

Schiff, a longtime skeptic, has previously stated that he is ‘open-minded’ but has yet to find a sufficient justification to shift his view on Bitcoin.

Price Action: At the time of writing, Bitcoin was exchanging hands at $56,686.55, down 1.45% in the last 24 hours, according to data from Benzinga Pro.

Photo Courtesy: Wikimedia Commons

Don't Miss: 5 Stocks Insiders Are Selling Hand Over Fist

The above is the detailed content of Peter Schiff Highlights Underperformance of Bitcoin BTC/USD ETFs Against Gold GLD Despite Substantial Inflows. For more information, please follow other related articles on the PHP Chinese website!