In response to a critical article from The Economist, former White House communications director Anthony Scaramucci has pushed back on the negative portrayal of the new Bitcoin exchange-traded funds (ETFs).
The Economist piece questioned the success of Bitcoin ETFs following their long-awaited approval by the SEC. It highlighted the 7% decline in Bitcoin’s price since approval and minimal fund flows so far.
Comparing them to the historical launch of gold ETFs, it argued Bitcoin ETFs may not have the same transformative impact.
Scaramucci, a vocal Bitcoin bull, challenged this pessimistic view. “If a $5 billion ETF debut is bad what is good?” he asked on X, referencing the total assets under management of the new funds.
The skeptical Economist contrasts with the years-long anticipation over SEC approval. However some experts urge caution, wanting to observe the new ETFs before making major decisions. LPL Financial’s Rob Pettman called for a three-month review first.
While excitement remains over this milestone for crypto, the response underscores a mix of opinions on the ultimate influence of Bitcoin ETFs. For advocates like Scaramucci, the launches mark a major step forward, despite the doubts still lingering among some institutional players.
Also Read: Bitcoin Price to Consolidate Before Halving, Says Analyst
