Peter Schiff: The outflow of funds from Bitcoin spot ETFs will bring significant downward pressure on Bitcoin

ChainCatcher news, according to Bitcoin.com, gold advocate and economist Peter Schiff expects explosive increases in gold and silver prices, encouraging investors to "take advantage of what may be the largest precious metals bull market in history."

Peter Schiff also reiterated his pessimistic view on Bitcoin. He stated, "Bitcoin is dead money. Sell it before it gets buried. Four months ago, when the Bitcoin (spot) ETF was launched, there were no sellers, only buyers. But now many investors hold these ETFs, and the potential supply of sellers is large. However, as new buyer demand decreases, the outflow of funds from the ETFs will soon put significant downward pressure on Bitcoin."