Peter Schiff, a well-known advocate for gold, usually seizes on Bitcoin’s downturns to criticize the asset. However, his latest critique comes during a Bitcoin price surge. Bitcoin recently skyrocketed above $70,000, yet Schiff remains critical.
Ethereum ETF Approval and Its Impact
Schiff believes that Bitcoin could face significant challenges if the US Securities and Exchange Commission (SEC) approves spot Ethereum ETFs. This year, spot ETFs have been a major topic in the crypto world. In January, the SEC approved nearly a dozen Bitcoin ETFs after years of rejections and delays. Other regions, including Hong Kong, followed suit, but the US market remains the most influential. All eyes are now on the SEC to see if Ethereum will receive similar approval.
As the second-largest cryptocurrency by market cap, Ethereum is at the center of this ETF trend. Despite delays from the SEC on several Ethereum ETF applications, there has been a sudden increase in optimism. Bloomberg’s ETF experts recently increased their approval prediction from 25% to 75%, spurring excitement.
Following this prediction, Ethereum’s price surged by 10%, then 20%, reaching a multi-week high of over $3,800. Bitcoin also saw a significant rise, climbing from under $67,000 to around $72,000, marking a six-week peak.
Peter Schiff’s Skepticism
Peter Schiff warns that the potential approval of Ethereum ETFs might spell trouble for Bitcoin. His comments come as no surprise to those familiar with his history of criticizing Bitcoin. Schiff has been vocal about his doubts for years, often predicting bubbles and advising investors to avoid Bitcoin. Despite his frequent warnings, successful predictions have been rare.
Just last month, Schiff predicted further declines for Bitcoin when it dropped to $63,000, cautioning that a fall below $60,000 could lead to a significant downturn. While Bitcoin did briefly dip below $60,000, it quickly rebounded and is now trading above $70,000.
