“Investors eagerly await the potential approval of a Spot Bitcoin ETF as Peter Schiff predicts that it could mark the end of the impressive BTC price rally, sparking curiosity and speculation in the crypto community.”
Bitcoin recently experienced a surge in price, briefly reaching $35,000. This was fueled by the anticipation of the SEC approving a spot Bitcoin ETF. However, Peter Schiff, founder and chief global strategist of Euro Pacific Capital, is skeptical about the sustainability of this rally.
Schiff believes that once a spot ETF product is approved by the SEC, the rally will lose momentum. He also suggests that traders may sell off their Bitcoin and take profits before the approval. In a tweet, Schiff stated that the conversation about Bitcoin becoming an ETF will likely mark the top of the rally, with the severity of the sell-off depending on whether the conversion is approved or rejected.
While Schiff’s prediction remains to be seen, it is interesting to note that he suggests a rejection by the SEC could still offer some short-term support for the Bitcoin price. This implies that there are Bitcoin bulls who would hold onto their investments despite bad news, expecting another rally in the future.
In response to a question about how much Bitcoin he owns, Schiff revealed that he does not own any.
Ultimately, the future of Bitcoin’s price hinges on the actions of the SEC. Whether the approval or rejection of a spot ETF will have a significant impact remains to be seen.