Peter Schiff Highlights Problem With Owning Bitcoin ETF — BTC Investors Respond

[sirty143]

Peter Schiff Highlights Problem With Owning Bitcoin ETF — BTC Investors Respond Self-Custody Is Key

Gold bug Peter Schiff has highlighted a problem with owning spot bitcoin exchange-traded funds (ETFs). However, the issue Schiff pinpointed isn’t unique to bitcoin ETFs. This discussion has reignited calls for self-custody among crypto proponents. See more for yourself here.

Your opinion is greatly appreciated.

[hugeblack]

The best solution for people like Peter Schiff is to stop giving them attention, as most of his statements are so stupid that others respond to him and his name appears in articles and on channels as a “Bitcoin hater.” If Bitcoin is this bad, there is no need to express your opinion every week. if I don't like something, I will comment on it once or twice and stop following its news.

[ABCbits]

I agree with him. If someone especially spend lots of money on Bitcoin ETF and already have security awarensss (e.g. to secure their phone or account used to buy ETF), learning to be self-custodial also could help them avoid fee imposed by the ETF and other 3rd party.

[Don Pedro Dinero]

I think that as hugeblack says, what Schiff should do is stop talking so much about bitcoin, he has been making a fool of himself for more than 10 years. In this particular case he is concerned that if you buy a bitcoin ETF you cannot sell when the market is closed, and the answer on the one hand is self custody, I agree, but I think the ETF investor profile is more institutional and long term investor who is not going to go buying and selling getting carried away by market swings. What underlies here is Schiff's mentality that bitcoin is going to go to 0 and therefore it is necessary to sell before it is too late, in other words, he continues to make a fool of himself.

[TomPluz]

The best solution for people like Peter Schiff is to stop giving them attention, as most of his statements are so stupid that others respond to him and his name appears in articles and on channels as a “Bitcoin hater.” If Bitcoin is this bad, there is no need to express your opinion every week. if I don't like something, I will comment on it once or twice and stop following its news.

I think Peter Schiff is now the official anti-Bitcoin evangelist so if we have Robert Kiyosaki always on the news praising Bitcoin, sliver and gold, we have this man who has the propensity to say anything against Bitcoin so as to make it bad though of course the market is not responding well to his pronouncements as the rise and growth of Bitcoin eclipse that of gold, his preferred investment vehicle. As pointed in the article, this area where the man is criticizing is actually also so true with other types of ETFs including that of gold...so what gives? For sure, Peter will say anything negative on Bitcoin and things related to it, no matter what. Next time we know he will even be criticizing even the very name of Bitcoin...and that would be so hilarious.

[hugeblack]

I agree with him. If someone especially spend lots of money on Bitcoin ETF and already have security awarensss (e.g. to secure their phone or account used to buy ETF), learning to be self-custodial also could help them avoid fee imposed by the ETF and other 3rd party.

Bitcoin spot ETFs fees between 0.19% to 1.50% It is true that the amounts may be large depending on the investments, but for a user who does not know much about cryptocurrencies, I think they are reasonable, especially since investors have a background in highly regulated financial markets.

[ABCbits]

I agree with him. If someone especially spend lots of money on Bitcoin ETF and already have security awarensss (e.g. to secure their phone or account used to buy ETF), learning to be self-custodial also could help them avoid fee imposed by the ETF and other 3rd party.

Bitcoin spot ETFs fees between 0.19% to 1.50% It is true that the amounts may be large depending on the investments, but for a user who does not know much about cryptocurrencies, I think they are reasonable, especially since investors have a background in highly regulated financial markets.

That's good point. But AFAIK ETF market also doesn't open 24/7, which leave all ETF investor on disadvantage.

[Aanuoluwatofunmi]

Peter Schiff Highlights Problem With Owning Bitcoin ETF — BTC Investors Respond Self-Custody Is Key

Gold bug Peter Schiff has highlighted a problem with owning spot bitcoin exchange-traded funds (ETFs). However, the issue Schiff pinpointed isn’t unique to bitcoin ETFs. This discussion has reignited calls for self-custody among crypto proponents. See more for yourself here.

Your opinion is greatly appreciated.

Of course self custody is the key and such could only be felt in bitcoin adoption and this is something different from bitcoin spot ETF in which others are investing with centralized institutions, but i want to believe that there's something about the bitcoin market price these organizations have seen that led to their conviction for using bitcoin as their exchange traded fund and this is to their own benefits while their investors should realized that they needed more of non custodial means for their investments.

[Rruchi man]

However, the issue Schiff pinpointed isn’t unique to bitcoin ETFs.

Good that the fact that the problems highlighted by him are not unique to bitcoin ETF's because his statements would have been hugely discouraging to many. I perceive he has some personal issues against bitcoins hence this opinion.

I pity the people who see Peter Schiff as mentor and take his opinions personal as their own.

[Captain Corporate]

I mean not that anyone really cares about what he says anyway, so its not a big deal. I get that if he was someone that everyone cared about then this would mean something but he is always known to be a bit on the side of gold, so its not a big deal that he made something like this. I think the best way to approach these type of people would be to just ignore them, if you keep ignoring them enough then they will stop. However, if you keep on asking what he thinks, he will always keep on thinking that people care about what he says, so he will always feel like he has right to keep on trying to manipulate people.

[Baofeng]

I agree with him. If someone especially spend lots of money on Bitcoin ETF and already have security awarensss (e.g. to secure their phone or account used to buy ETF), learning to be self-custodial also could help them avoid fee imposed by the ETF and other 3rd party.

Bitcoin spot ETFs fees between 0.19% to 1.50% It is true that the amounts may be large depending on the investments, but for a user who does not know much about cryptocurrencies, I think they are reasonable, especially since investors have a background in highly regulated financial markets.

That's good point. But AFAIK ETF market also doesn't open 24/7, which leave all ETF investor on disadvantage.

True, but if they are not even technically inclined then I don't think they will be bother to look at the price 24x7 or even trade. And that's why this is the advantage for some.

And I guess the target audience here is people who doesn't know that technology or doesn't want dig deeper and learn and those investors who have deep pockets. For us small investors who would rather learn the intricacies of Bitcoin though, it could be a challenge but for sure it's worth when we see our wallets growing specially in this bull run. 

[yhiaali3]

It is not difficult to know that ETFs mean you give up owning Bitcoin and keeping it in your wallet, and instead companies save it on your behalf.

However, we find that many people do not know or prefer this and consider this safer than protecting Bitcoin themselves in their own wallets and want to avoid these complications. These people are accustomed to central systems and it is difficult for them to abandon their old habits.

The government also encourages such central companies that are easy to control, away from decentralization, which governments do not like.