Peter Schiff, a well-known gold bug and vocal critic of bitcoin, recently issued a warning about the impact of the potential approval of spot Ethereum ETFs by the US Securities and Exchange Commission. Despite bitcoin’s price resurgence above $70,000, Schiff believes that bad news may be on the horizon for BTC if Ethereum ETFs are given the green light.
Spot ETFs have become a major headline in the cryptocurrency industry this year, with the US SEC approving nearly a dozen BTC products in mid-January after years of rejections and delays. While other countries, including Hong Kong, have followed suit, all eyes are on the US regulatory agency to see if Ethereum will receive similar approval. As the second-largest cryptocurrency by market cap, Ethereum is leading the charge in this trend.
The US SEC has delayed decisions on several ETH ETF applications this year, leading many to believe that approval may not come anytime soon. However, Bloomberg’s ETF experts recently raised their approval prediction percentages for May from 25% to 75%, causing a surge in Ethereum’s price. This sudden spike also impacted bitcoin, which experienced a significant price increase from under $67,000 to around $72,000.
Despite Peter Schiff’s persistent warnings about bitcoin, his success rate in predicting market movements has been limited. While Schiff has been cautioning investors about potential bubbles and advising them to avoid bitcoin for years, his accurate predictions are few and far between. Just a month ago, Schiff predicted further price declines for BTC when it dropped to $63,000, but the asset quickly rebounded and now trades above $70,000.
While Peter Schiff’s criticisms of bitcoin may have an impact on market sentiment, it is essential for investors to consider his track record and past predictions carefully. As the cryptocurrency market continues to evolve and new developments arise, it is crucial to conduct thorough research and analysis before making investment decisions based on any individual’s opinions or warnings.
