The crypto community eagerly awaits the US approval of Spot Bitcoin ETFs, anticipating it could launch a bullish Bitcoin surge. However, noted economist Peter Schiff counters this optimism, projecting a Bitcoin crash ahead of the SEC’s approval of spot Bitcoin ETFs. He recently used a social media survey to predict when the next Bitcoin downturn might occur. Despite most of his followers thinking the crash will happen post-ETF approval, Schiff asserts it will take place beforehand.
Schiff suggests that those purchasing Bitcoin currently, hoping for an influx of investors following the approval of spot Bitcoin ETFs, might encounter more individuals ready to sell and capitalize on the rising prices. This could set off a crash if owners opt to sell amidst increasing prices. Despite potential SEC approval of Bitcoin ETFs and Bitcoin’s present trading value at USD 36,990, Schiff’s opposing views continue to ignite discussions within the crypto community.