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Tuesday, June 25, 2024

Bitcoin (BTC) Price Rally to End With a Spot Bitcoin ETF Approval: Peter Schiff

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Bitcoin price surged in a breakout rally to briefly touch $35,000 this month. But Euro Pacific Capital’s founder and chief global strategist doesn’t think it will last.

This month saw the ever-widening buzz surrounding a hotly anticipated approval by the SEC of a spot Bitcoin ETF. The excitement has pushed blowout Bitcoin sales on crypto exchanges.

But leave it to “Dr. Doom” (as Peter Schiff was nicknamed by the CNBC crowd during the housing bubble) to balk at Bitcoin’s sudden change of fortunes.

Peter Schiff Isn’t Impressed with Bitcoin’s Rally

Schiff recently remarked that a final SEC approval will end Bitcoin’s spot ETF rally. The EuroPac chief says once BTC is actually approved for a spot ETF product, the rally will lose steam.

He also noted the possibility that cryptocurrency traders could begin to sell off and take profits before any forthcoming SEC approval. In an X post on the popular social media website formerly known as Twitter, Schiff wrote:

#Bitcoin is now trading at $35K as speculators bet on SEC approval of $GBTC converting into an ETF. Such a conversation will likely mark the top of the rally, if Bitcoin doesn’t sell off prior to approval. The selloff will be less severe if the ETF conversion is rejected again.”

Time will tell if he’s right. Bitcoin price went parabolic in the 48 hours after Schiff tweeted this.

It All Hinges on What the SEC Does Next

Interestingly, Schiff reasons that another rejection by the Securities and Exchange Commission would offer some support for the Bitcoin price in the short term.

It sounds like he’s conjecturing some Bitcoin bulls will hold their bags despite bad news of a rejection. They would be holding out on expectations of another rally preceding or following an SEC approval.

In response to a question on the ensuing X thread: “How much Bitcoin do you own,” Peter Schiff answered, “None.”

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