Cryptocurrency naysayer Peter Schiff recently predicted that the issuers of Bitcoin exchange-traded funds (ETFs) would be sued by their disgruntled customers.
Schiff is convinced that these customers will be searching for ways to recover their money after facing huge losses.
Moreover, the gold bug believes that risk disclosures will not necessarily shield these issuers from legal troubles due to contradictory public comments as well as private comments made by text.
As reported by U.Today, Schiff previously labeled Bitcoin ETFs as "speculative casinos," predicting that their success would not last.
However, so far, these products have been extraordinarily successful. Earlier this week, BlackRock's IBIT entered the 3% US ETFs after approaching $20 billion in assets under management. It also became the fastest ETF to reach $10 billion in AUM. Last month, Bitcoin ETFs attracted $111 billion in trading volume.
The contrarian perspective
After receiving some pushback from his followers over his non-stop Bitcoin posts, Schiff defended his obsession by arguing that someone needs to offer an alternative perspective on the social media network that is teeming with Bitcoin pumpers.
Schiff started hating the largest cryptocurrency all the way back in 2011 when it was trading at a mere $31.
Despite the fact that Bitcoin is now a $1.3 trillion asset, Schiff is yet to warm up to the flagship coin.
As reported by U.Today, he is also bearish on the upcoming halving event that is going to take place just days from now.
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