Bitcoin’s renowned economist Peter Schiff anticipates an ETF launch preceding market turbulence. Citing SEC speculation, Bitcoin’s climb to $38,000 sparks optimism. Schiff warns early buyers might trigger a shortage, causing a crash. As social media debates, experts remain hopeful, projecting BTC to surge to $135,000. The crypto community awaits the SEC’s decision.
In a controversial prediction, prominent American economist and crypto critic Peter Schiff has forewarned that the imminent approval and launch of a BTC Exchange-Traded Fund (ETF) will trigger a substantial crash in the cryptocurrency market.
As Bitcoin approaches the $38,000 level, driven by anticipation for a spot BTC ETF approval from the United States Securities and Exchange Commission (SEC), Schiff acknowledges the current trading value of $36,193.39, reflecting a 2.51% increase within the last 24 hours.
Bitcoin Warning: Schiff Anticipates ETF Launch To Trigger Potential Market Crash
Schiff, a well-known adversary of Bitcoin, suggests that the gradual ascent in Bitcoin’s value is enticing speculators to invest, with many anticipating a positive decision from the SEC on the BTC ETF. According to Schiff, when the ETF is eventually launched, early buyers will seek to capitalize on their investments, potentially leading to a shortage of buyers and, consequently, triggering a significant market crash.
Contrary opinions flooded social media in response to Schiff’s prediction, with many crypto investors dismissing the economist’s forecast as another in a series of incorrect calls.
Nevertheless, leading crypto experts maintain a bullish outlook on the prospect of a spot Bitcoin ETF and its potential to propel the entire crypto market, particularly BTC , to unprecedented highs. Bloomberg ETF analysts Eric Balchunas and James Seyffart have reiterated a 90% probability of BTC ETF approvals by January 10, fueling optimism in the crypto community.
Seyffart anticipates a simultaneous wave of SEC approvals, aligning with recent statements from XRP proponent John E. Deaton, who suggested that the SEC’s decision might coincide with the BTC halving event and the Federal Reserve’s interest rate cut, potentially triggering a parabolic surge in prices.
In light of these developments and the looming potential for approval of twelve U.S. Bitcoin ETF applications, bullish projections suggest BTC could surge to as high as $135,000 in the near term. This sentiment echoes the optimism of “Rich Dad Poor Dad” author Robert Kiyosaki, who remains confident in Bitcoin’s upward trajectory despite the concerns raised by Schiff. As the crypto community eagerly awaits the SEC’s decision, the market remains divided between skepticism and optimism regarding the potential impact of a Bitcoin ETF launch.