Peter Schiff: There's no need for a Bitcoin ETF, because you can purchase and store Bitcoin yourself for free

Peter Schiff, Chief Economist and Global Strategist at Euro Pacific Capital, stated on social media that the U.S. Securities and Exchange Commission (SEC) approving a Bitcoin ETF would not be a minor matter. There is indeed no need for a Bitcoin ETF because you can buy and store Bitcoin yourself for free. What's the point of owning Bitcoin in an ETF? A Bitcoin ETF is likely not an event of "buy on rumors, sell on news", but rather "buy on rumors, sell on rumor". Those waiting to sell their Bitcoins upon actual news might find that there are few speculators left buying Bitcoins.