Although the market is eagerly awaiting the approval of the Bitcoin spot ETF, Peter Schiff, the gold bull and CEO of Euro Pacific Capital, who is famous for his negative comments on Bitcoin, warned this week that the approval of the Bitcoin spot ETF may cause the price of Bitcoin to collapse. There won’t be huge demand from institutional investors.
(Previous summary: ChatGPT does not recommend “investing in Bitcoin”! Gold bull Peter Schiff: Proves that artificial intelligence is very smart)
(Background supplement: Gold bull Peter Schiff: Bitcoin price will never reach $100,000!)
Whether the U.S. Securities and Exchange Commission (SEC) approves the Bitcoin spot ETF application has entered a critical moment. The deadline for the next round of approval of the Bitcoin spot ETF application submitted by Ark Investment and 21Shares is January 10, 2024. Will the SEC do so? The decision is affecting the direction of the Bitcoin market.
Peter Schiff, a gold bull and CEO of Euro Pacific Capital who is famous for his badmouthing of Bitcoin, issued a series of tweets this week warning that the approval of a Bitcoin spot ETF may cause the price of Bitcoin to collapse:
Be careful not to make the wrong wish. For many years, expectations for a U.S.-listed Bitcoin spot ETF have supported Bitcoin prices and speculative demand. Once an ETF launches but the much-anticipated demand from institutions and other new investors does not materialize, be careful!
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
When netizens questioned Peter Schiff’s statement and asked if there were any examples of underlying products falling after the launch of ETFs, Peter Schiff respondroad:
There is actually no need for a Bitcoin ETF since you are free to buy and store Bitcoin on your own, so what is the point of owning Bitcoin in an ETF? You might as well just own one gold ETF.
Calling Bitcoin spot ETFs irrelevant
After Matrixport issued a research report on the 3rd warning that since the SEC’s requirements for Bitcoin spot ETFs have not yet been fully met, the SEC will not clear any Bitcoin spot ETFs in January, Bitcoin once again fell within 1 hour last night. It dropped more than 4,000 US dollars, plummeting from around 45,000 US dollars to 40,750 US dollars, and tens of thousands of people liquidated their positions instantly.
Further reading:The killer of BTC’s plunge? Matrixport: SEC will not approve any spot ETFs in January, Bitcoin plunges 20%
In response, Peter Schiff express：
As I warned, the Bitcoin ETF will most likely not be a “buy the rumor, sell the news” event, but rather a “buy the rumor, sell the rumor already” event, and people who are waiting for actual news to sell their Bitcoin may be It was discovered that there were not many speculators left to buy!
It can be seen that Peter Schiff does not believe that institutional investors will flock to Bitcoin spot ETFs.thinkthe launch of a Bitcoin spot ETF will prove to be a meaningless trivial matter, historically insignificant, and there will be little demand from investors.
Peter Schiff warnGrayscale’s GBTC, MicroStrategy and other cryptocurrency-related stocks are all in bad shape. Investors will sell off the ETF after it is approved. These targets will face the risk of huge book profit taking, and may even turn from floating profits to closed profits. Realize losses.
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2024-01-04 09:32:20
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