Peter Schiff, one of the most prolific cryptocurrency critics, has warned that Bitcoin ETF buyers will be the first to jump ship as soon as things go south.

In a recent social media post, Schiff argued that “ETF speculators” have low levels of conviction.

“They got in for the ride and will jump off once it gets too rough,” the financial commentator added.

In April, just a few months following the launch of these products, Schiff predicted that Bitcoin ETF issuers could end up facing lawsuits from their customers due to exorbitant losses.

As reported by U.Today, Schiff recently noted that Bitcoin was in the middle of a bear market against gold.

Diamond hands?

Schiff’s suggestion that Bitcoin buyers have low levels of conviction is likely not grounded in reality.

As noted by prominent ETF analyst Eric Balchunas, those who invested in BlackRock’s IBIT were left unfazed by the recent market crash. In fact, the highly successful ETF product saw zero flows.

“Compared to some of these degens these boomers are like the Rock of Gibraltar. You guys are so lucky to have them,” he quipped.

Meanwhile, Bitcoin is now trading at $56,298 after adding 3.5% over the past hour alone. This comes after it collapsed below $50,000 amid a global stock market crash earlier this week.

It is worth noting that Bitcoin managed to recover from the June crash in a relatively short span of time because of strong dip-buying from ETF investors.

On Monday, ETFs recorded net outflows of $168 million, with ARKB and GBTC losing $69 million.