The US Securities and Exchange Commission has approved applications, but not everyone is optimistic about it. A notable economist, Peter Schiff, has called out the product, saying that it gives the community eleven more ways to place their bets. This is relevant to all applications that the Commission has approved.
Peter did not shy away from quoting that while Bitcoin can be transferred over the internet, it holds absolutely no storage value and no real-world utility like Gold. Bulls did not really escape from the scope of his skepticism. The economist said that it is a problem for bulls to decide what’s left to bet on.
A statement by Peter is making the rounds on X, where he originally published the post, and has met some mixed responses. Most of them are in favor of BTC.
One of the users on X has said that many people have lost a chance to build wealth for generations because of what he has said for so many years. Schiff responded quickly to this statement, saying that the jury is still out to decide how much will be lost and who will lose their wealth.
Not that there was no positive side to the statement since a portion of it mentioned that those who bought BTC early have gotten out with vast amounts of wealth to their names. This pertains to the rise that the token has seen since its inception, or even in the last one year, considering there was a time when Bitcoin was exchanging hands at a value less than $20k.
Another user on X has pointed out that Gold cannot be sent over the Internet but BTC can be, adding that that is a real-world utility.
The economist has acknowledged that Bitcoin can be sent over the Internet, but it still does not have any real-world utility and is not a store of value.
The community is speculating that the approval of Spot Bitcoin ETFs has paved the way for the likes of BlackRock and Fidelity to pursue the approval of Spot Ether ETFs. It is unknown if asset managers will instantly do that since the actual Bitcoin product is yet to be listed on Thursday. Final registrations are being worked upon, and there is a chance that the first Spot Bitcoin ETP may go live before this week ends.
BTC is chasing its ATH, gaining speed as time passes. It was last seen trading at $46,953.41, a 2.29% increase in the last 24 hours. It has also increased by 9.12% in the last 7 days and by 12.49% in the previous 30 days. Having said that, Bitcoin has briefly risen above the $47k level. The next step for Bitcoin is hosting the halving process in the middle of the year.
