The popular gold bug continues its blitz on bitcoin, but its latest warning came amid times of price resurgence as the cryptocurrency soared above $70,000.
Schiff actually believes that a lot of bad news will hit btc if the US Securities and Exchange Commission really gives the green light to ethereum ETFs.
Schiff goes after bitcoin again
Spot ETFs became the biggest news in the cryptocurrency industry this year after the US SEC approved nearly a dozen such btc products in mid-January, after a decade of rejecting or delay all requests. Other countries and special territories such as Hong Kong followed suit, but the United States remains the largest market; Therefore, all eyes are on the regulatory agency to see if another asset will receive such validation.
As the second largest cryptocurrency by market cap, ethereum is expected to be at the forefront of this trend. However, the Commission has already delayed making a decision on several eth ETF applications this year, and the chances of approval soon are quite slim. Or they were pretty slim until yesterday, when Bloomberg's ETF experts raised their approval percentages for predictions about May from 25% to 75%.
Within minutes, the underlying asset soared 10% and then 20%, previously hitting a multi-week high of over $3,800. However, btc price also rose from below $67,000 to around $72,000, a 6-week peak of its own.
Peter Schiff, known for his consistent stance against bitcoin, poured some cold water on btc holders, indicating that a possible approval of ethereum ETFs is actually bad news for the largest cryptocurrency.
<blockquote class="twitter-tweet”>
twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>#bitcoin gained renewed strength thanks to rumors that a twitter.com/hashtag/ethereum?src=hash&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>#ethereum The ETF is likely to be approved. But the money to buy new Ether ETFs will most likely come from existing bitcoin ETFs. Investors who decided to make an allocation to twitter.com/hashtag/crypto?src=hash&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>#crypto will not increase that allocation to purchase Ether.
—Peter Schiff (@PeterSchiff) twitter.com/PeterSchiff/status/1792888635760517264?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>May 21, 2024
Not so fast
Before btc fans, investors or HODLers get angry or worried about Schiff's comments, they should know his past and success rates when it comes to attacking the asset. She has been criticizing him for years, constantly issuing warnings about possible bubbles and how investors should stay away. However, successful warnings from him are rare.
For example, less than a month ago, he used another btc correction to forecast even more pain for the bulls. At the time, btc had fallen to $63,000 and he warned that if bitcoin falls below $60,000, there will be a “long road down.”
In fact, the asset fell below $60,000, but only briefly. Instead of going down that much, it rebounded and is now trading above $70,000.
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