A man named Peter Schiff, who doesn't like bitcoin, says that many people who bought a type of bitcoin called ETF are losing money because bitcoin's price went down. He thinks that if bitcoin's price goes down more, many people will sell their bitcoin and stop believing it's valuable. He also says that someone who bought a lot of bitcoin with borrowed money might have to borrow even more money to keep buying bitcoin. Read from source...

1. Peter Schiff, a known gold bull, has a vested interest in discouraging people from investing in cryptocurrencies, especially Bitcoin, as it poses a threat to his preferred asset class. He often uses fear-mungering tactics to manipulate the emotions of his followers and create a sense of urgency and panic.

2. Schiff's claim that 70% of those who bought spot Bitcoin ETFs are losing money when the apex crypto trades at $54,000 level is misleading. This percentage is based on the current market price, which is subject to change. Furthermore, it does not take into account the potential for future price appreciation or the possibility of dollar cost averaging, which could result in a more favorable overall return for investors.

3. The assertion that a decline below $38,000 will push "100% of Bitcoin ETF buyers" into the red is an exaggeration. It ignores the fact that many investors have different entry points and time horizons, and that some may even benefit from temporary price drops as they allow for better entry opportunities.

4. Schiff's prediction of a "much larger drop" in Bitcoin is speculative and based on his own bearish outlook, rather than any objective analysis of market fundamentals or technical indicators. It is important to recognize that cryptocurrency markets are highly volatile and subject to rapid changes in investor sentiment, which can sometimes be irrational and difficult to predict.

5. The comparison with MicroStrategy's Michael Saylor borrowing $1 billion in April to buy Bitcoin at $66,000 is irrelevant and meant to discredit the validity of Bitcoin as an investment. Saylor's decision to leverage his company's balance sheet to accumulate Bitcoin is a strategic choice that reflects his belief in the long-term potential of the cryptocurrency, and does not necessarily imply that other investors should follow suit.

6. Schiff's claim that Bitcoin ETF buyers are "HODLing" and there is no sign of panic is contradicted by his earlier statement that the real selling will start once the price drops below $38,000. This inconsistency suggests that he is attempting to manipulate the market sentiment and create a self-fulfilling prophecy of a further price decline.

7. The article does not provide any evidence or analysis to support the idea that the pullback in Bitcoin is due to the U.S. election uncertainty or the lack of crypto-friendliness among major political parties.

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Article's Summary:
Peter Schiff, a gold bull, predicts that Bitcoin ETF buyers are losing money as the cryptocurrency's value plunges. He suggests that a larger drop may come as soon as next week, which may lead to more selling.