Scaramucci Slams Negative Coverage of Bitcoin ETF Launch

Scaramucci has come out strongly against negative coverage of the launch of Bitcoin ETFs, particularly in response to an article from The Economist. Known for his bullish stance on cryptocurrencies, Scaramucci questioned the pessimistic view of the article, highlighting the significance of a $5 billion ETF debut and asking what would be considered good if that is seen as disappointing. The Economist’s article highlighted a 7% decline in Bitcoin’s price since the approval of the ETFs and drew comparisons to gold ETFs, suggesting that Bitcoin ETFs might not have the same transformative effect. In contrast, Rob Pettman, EVP of wealth management solutions at LPL Financial, is treading cautiously, opting to thoroughly analyze the new spot Bitcoin ETFs over a three-month period before considering adding them to LPL’s lineup. Overall, while there is controversy surrounding the Bitcoin ETF market, opinions vary on its potential success and impact.