[Peter Schiff: The listing of Bitcoin ETF will trigger a major crash]
American economist and prominent cryptocurrency critic Peter Schiff is convinced that the expected listing of a Bitcoin ETF will trigger a major crash in the cryptocurrency market.
Currently, Bitcoin is trading close to $38,000 last night, a rally fueled by anticipation of the SEC approving a spot Bitcoin ETF. Bitcoin is currently trading at $36,703, up 2.51% in 24 hours.
As an anti-Bitcoin person, Schiff believes that once the Bitcoin ETF is launched, it will attract a large number of buyers to the market. He predicts that early buyers will eventually choose to take profits, leading to a shortage of buyers in the market and triggering a crash.
Regarding Schiff’s remarks on X, many crypto investors took the opposite view and advised the public to ignore this prediction as one of Schiff’s many inaccurate predictions.
Meanwhile, several crypto experts are optimistic about the upcoming launch of a spot Bitcoin ETF, believing that it will help drive the crypto market, especially the surge in Bitcoin prices. Bloomberg ETF analysts Eric Balchunas and James Seyffart reiterated that there is a 90% chance of approval of a Bitcoin ETF, which is expected to be completed by January 10 at the earliest.
Seyffart is confident the SEC will approve a large number of applications simultaneously. Two days ago, XRP supporter and CryptoLaw founder John E. Deaton predicted that the SEC’s approval may be synchronized with the Bitcoin halving event and the Federal Reserve’s interest rate cut decision, which may push the price to highs.
Given these developments and the possible approval of 12 U.S. Bitcoin ETF applications, Rich Dad Poor Dad author Robert Kiyosaki predicts that Bitcoin prices could soar to $135,000 in the short term.