The price of bitcoin (btc) exceeded $30,000 in the last few hours, according to bitcoin/” target=”_blank” rel=”nofollow”>CoinMarketCap data. However, as happened in multiple cases last week, the cryptocurrency market leader was unable to maintain its bullish momentum, falling 0.6% in the last hour.
As the btc market continues its battle against the $30,000 resistance zone, bitcoin critic and gold advocate Peter Schiff has weighed in on the ongoing discourse regarding the potential effects of the approval of an exchange-traded fund ( bitcoin Spot ETF.
bitcoin ETF won’t boost institutional investment, says Schiff
in a publish in X On Saturday, Peter Schiff stated that, contrary to popular belief, the availability of more bitcoin ETFs will likely not result in a higher level of institutional investment in the world’s largest crypto asset.
Schiff’s strong decision comes at a time when several asset managers are trying to get approval to launch the first bitcoin spot ETF in the US.
bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#bitcoin The pumpers claim that once there is more #BitcoinETF, investment professionals will start purchasing them for their clients. That will never happen. There is simply too much responsibility. Investment advisors will not buy them and stockbrokers will only accept unsolicited purchase orders.
—Peter Schiff (@PeterSchiff) October 21, 2023
Since the start of this ETF saga in June, many market analysts have praised the potential positive effects that a spot bitcoin ETF could produce, with some predicting that the btc price will trade above $100,000.
According to a recent report by blockchain analytics firm CryptoQuant, the approval of an ETF in the spot market could result in btc reaching a market cap of $900 billion and total crypto market cap growth of $1 billion.
However, Peter Schiff presents an opposing theory to this debate, as he believes that investment brokers are unlikely to purchase such funds for their clients due to a certain “responsibility.”
In this context, “liability” likely refers to the risk factors associated with cryptocurrency investments, which include the volatility of the cryptocurrency market and the lack of clear regulations in the US, among others.
Peter Schiff believes that with that “liability” in place, investment professionals will not promote or recommend a bitcoin ETF to their clients.
At best, it states that investment in bitcoin ETFs (including a spot bitcoin ETF) will likely occur through unsolicited purchase orders whereby a customer makes a specific request to purchase such funds.
The ETF saga continues
In other news, the bitcoin ETF saga has attracted more attention in recent weeks as more bullish predictions continue to arrive.
More recently, Paul Grewal, chief legal officer at Coinbase, stated that the largest US exchange is confident that the SEC will definitely give the green light to a bitcoin ETF following the commission’s recent court defeat against Grayscale.
Meanwhile, certain asset managers, including bitcoin-etf-prospectus-sec/” target=”_blank” rel=”nofollow”>Black Rock and Ark Invest, have revised their ETF applications, indicating signs of an ongoing dialogue with the SEC, a move that typically precedes approval by the securities regulator.
For now, it remains an unknown whether a bitcoin spot ETF will eventually hit US markets, but analysts have targeted January 10 as the deadline. expected approval date.
From then on, Peter Schiff’s theory can be put to the test. However, it is worth noting that btc gained 7% on October 16 following fake news about the approval of the BlackRock iShares ETF.
At the time of writing, btc is trading at $29,890.35 with a gain of 0.6% in the last day. Meanwhile, the token’s daily trading volume has decreased by 12.67% and is valued at $13.35 billion.
<img decoding="async" class="aligncenter size-large" src="https://technicalterrence.com/wp-content/uploads/2023/10/Bitcoin-Critic-Attacks-Spot-ETF-Hype-Predicts-Low-Institutional-Investment" alt="bitcoin” width=”1479″ height=”913″ loading=”lazy”/>
btc trading at $29,885.27 on the hourly chart | Source: BTCUSDT chart on Tradingview.com
Featured image from American Enterprise Institute, chart from Tradingview
