The possibility of the US SEC approving the bitcoin Spot ETF has caused excitement in the crypto space as investors prepare for a bitcoin bull run. However, not all voices are convinced of the innovative changes of bitcoin ETFs, as a prominent economist has warned about the potential risks associated with bitcoin ETFs.
Schiff says selling bitcoin ETFs carries risks ahead
Chief Economist and bitcoin Critic, bitcoin-hater-peter-schiff-scoffs-at-rally/” rel=”nofollow”>Peter Schiff has expressed his concerns about bitcoin spot ETFs to the public on an X (formerly Twitter) mail released on Monday.
Schiff stated that the cryptocurrency market is currently filled with many speculators who are purchasing bitcoin, hoping to capitalize on the possible influx of investors following the possible bitcoin-etf-odds-bolstered-sec-insights/” rel=”nofollow”>bitcoin spot ETF approval by the United States Securities and Exchange Commission (SEC).
In his counter-narrative statement, Schiff revealed that there may be many more sellers than buyers of bitcoin who are also eagerly awaiting bitcoin ETF to become a reality. This narrative can become a problem for many bitcoin investors, because if bitcoin holders decide to take advantage of the rising prices and sell their reserved bitcoin, this can lead to a sudden and sharp correction.
“Speculators are buying bitcoin now because they believe other speculators are waiting to buy a bitcoin ETF. They will soon discover that there are many more speculators waiting to sell than to buy,” Schiff said.
The comments made by Schiff have sparked opposing arguments and viewpoints within the crypto community. Many people see a positive impact in bitcoin-price-sets-new-2023-record-52-week-high/” rel=”nofollow”>bitcoin price pushing investors to buy more bitcoin following the possible approval of bitcoin spot ETFs.
“It is estimated that the average number of people holding cryptocurrencies globally is around 420 million, which represents approximately 5% of the world’s population. Which can also mean that 5% of speculators are waiting to sell and 95% of speculators have not yet entered,” Jeysuhn, a member of the crypto community. fixed.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/10/Economist-Peter-Schiff-Expresses-Concern-About-Bitcoin-Spot-ETFs" alt="Tradingview.com bitcoin Price Chart (bitcoin Spot ETF)” width=”2650″ height=”1758″ loading=”lazy”/>
btc price surge as spot bitcoin etf sentiment grows | Source: BTCUSD on Tradingview.com
Lawyer foresees ETF approval by the end of the year
A pro-XRP lawyer and blockchain enthusiast, John Deaton brought to x on Monday to reveal his thoughts on the current situation regarding the approval of bitcoin spot ETFs by the US SEC.
Deaton predicted that the US SEC would approve spot bitcoin ETFs before the end of 2023 or at least before the end of the first quarter of 2024. The lawyer stated that bitcoin-etf/” rel=”nofollow”>US SEC He is currently gathering more information to present a different reason for rejecting bitcoin ETFs.
Currently, the official list of bitcoin-etf-prospectus-sec/” rel=”nofollow”>Black Rock iShares bitcoin Trust on Depository Trust and Clearing Corporation (DTCC), an American post-trade financial services company, has been one of the many reasons for the recent rally in the price of bitcoin.
At the time of writing, bitcoin is trading at approximately $34,424 after topping $35,000 at one point on Monday. The cryptocurrency has reached new monthly highs and may continue to rise as it moves forward. bitcoin-etf-mania-sparks-a-surge-in-google-searches/” rel=”nofollow”>Excitement for bitcoin ETFs build.
Featured image of Swissborg, chart from Tradingview.com
