Peter Schiff Warns of Potential BTC Crash with ETF Approval

Schiff warns institutional anticipation props up Bitcoin. An ETF approval, without demand, could lead to a price collapse.

Renowned Bitcoin skeptic Peter Schiff has cautioned against the approval of a spot Bitcoin exchange-traded fund (ETF) in the U.S., suggesting it could lead to a catastrophic impact on BTC prices.

Be careful what you wish for. The promise of a U.S. listed spot #BitcoinETF has been supporting the #Bitcoin price and speculative demand for years. Once the ETFs are launched and the highly anticipated institutional and other new investor demand does not show up, look out below!
— Peter Schiff (@PeterSchiff) January 2, 2024

Schiff argues that the anticipation of institutional demand has propped up Bitcoin’s value, and the approval of an ETF might result in a price collapse if the expected demand fails to materialize.

Despite market optimism, consultancy firm Matrixpoint predicts the SEC will reject all spot Bitcoin ETF applications by the January 10 deadline, citing a critical requirement not met by applicants.

Also Read: Matrixport Expert Foresees SEC Denial of Bitcoin ETF

Schiff’s warning and Matrixpoint’s forecast express skepticism on a spot Bitcoin ETF approval, citing concerns over BTC prices and regulatory challenges.

Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.

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