Pre-ETF BTC price 'crash' or $150K in 2025? Bitcoin forecasts diverge
Bitcoin ETF launch day could be more than just a "sell the news" event for BTC price, says Peter Schiff.
Bitcoin will “most likely” see a serious price drawdown before a key date for institutional investors dawns, says gold bug Peter Schiff.
In recent X activity, the longtime Bitcoin skeptic sounded the alarm over recent BTC price gains.
Schiff bets on a BTC price "crash" before ETF launches Bitcoin is a favoirte topic of criticism for Peter Schiff, the chief economist and global strategist at asset management firm Europac.
Throughout the years, he has repeatedly insisted that unlike gold, Bitcoin’s value is destined to return to zero, and that no one in fact wishes to hold it except in order to sell higher later on.
Now, with BTC/USD circling 18-month highs , he has turned his attention to what others say will be a watershed moment for cryptocurrency — the launch of the United States’ first Bitcoin spot price exchange-traded fund (ETF).
An approval is thought to be due in early 2024, while rumors that a green light could come in November are thought to have fueled last week’s ascent past $37,000.
While some believe that the announcement will be a “sell the news” event, where investors reduce exposure once certainty over the ETF hits, for Schiff, a BTC price comedown may not even wait for that.