Peter Schiff Criticizes Bitcoin ETFs’ Performance, Favors Gold for Superior Returns

• Bitcoin ETFs have gained less than 17%, while gold ETFs have risen over 24% since January.
• Peter Schiff argues investors made a mistake by favoring Bitcoin ETFs over gold, citing Bitcoin’s ongoing struggles.
• Bitcoin ETFs continue to see net outflows, with $37.29 million lost on September 4 alone.

Renowned financial expert Peter Schiff recently took a strong stance against Bitcoin ETFs. Schiff, a longtime critic of cryptocurrencies, believes the recent performance of Bitcoin ETFs indicates that their hype is unwarranted.

Bitcoin ETFs Fall Behind Gold in Returns

According to Schiff, Bitcoin ETFs have seen gains of less than 17% since their launch in January. In contrast, gold ETFs have performed better, rising over 24% in the same period. Schiff claims that this discrepancy shows investors were wrong to favor Bitcoin over gold. He argues that gold remains a more reliable investment despite the cryptocurrency hype.

Longstanding Critic of Bitcoin

Schiff has consistently voiced his opposition to Bitcoin and cryptocurrencies, calling them flawed assets without intrinsic value. His latest comments come as Bitcoin’s price continues to struggle, adding further weight to his argument against Bitcoin ETFs.

Schiff’s remarks coincided with notable outflows from Bitcoin ETFs. On September 4, Bitcoin ETFs saw a total net outflow of $37.29 million. Grayscale’s GBTC ETF, a significant player in the space, experienced a net outflow of $34.25 million that day, bringing its historical outflows to nearly $20 billion. This trend has persisted for six consecutive days, signaling growing challenges for Bitcoin ETFs.

Gold ETFs Remain Strong Despite Outflows

In contrast, gold ETFs have seen better returns despite outflows. Schiff pointed out that while gold ETFs have also experienced outflows, their performance has still been solid. On the same day Bitcoin ETFs faced major outflows, Bitwise’s ETF saw a small net inflow of $9.46 million, though it wasn’t enough to offset the broader outflow trend.

Schiff’s criticism of Bitcoin comes during a tough time for the cryptocurrency market. With Bitcoin prices remaining volatile, Schiff believes the strong performance of gold ETFs offers further evidence that cryptocurrencies are a less reliable investment.