Investor Peter Schiff Warns of Possible Bitcoin Price Decline Even if SEC Approves ETF
According to popular US investor Peter Schiff, there is a chance of a Bitcoin price decline even if the US Securities and Exchange Commission (SEC) approves a spot Bitcoin ETF. Schiff also noted that there is a possibility of the approval being delayed or rejected. This warning comes amidst the recent volatility in the BTC price due to an unauthorized tweet about the ETF approval. SEC Chair Gary Gensler clarified that the tweet was unauthorized and that the SEC has not approved any spot bitcoin exchange-traded products.
Potential “Sell the News” Event
There is speculation on whether the Bitcoin ETF approval announcement would lead to a “sell the news” event. This is due to the significant volatility caused by the unauthorized tweet. Economist Peter Schiff suggests that with so many speculators expecting a rally, it’s hard to believe the market will deliver. This raises caution for investors who are highly speculating on a potential rally.
Possibility of ETF Launch on Thursday
If the SEC approves ETF filings from companies like Blackrock, Fidelity, Bitwise, Grayscale, and Valkyrie on January 10, 2024, it remains to be seen if all applicants will be allowed to launch their ETFs for trading immediately after. The 60-day period for the SEC to make a decision on the Ark 21Shares spot Bitcoin ETF ends on January 10, so it is expected that the agency would announce approval for all applicants by this date.
Hot Take: Potential Bitcoin Price Decline After ETF Approval
Investor Peter Schiff’s warning about a possible Bitcoin price decline even if the SEC approves a spot Bitcoin ETF raises concerns for crypto traders. The recent volatility caused by an unauthorized tweet has led to speculation of a “sell the news” event. Schiff’s caution comes as investors eagerly anticipate a potential rally. Additionally, the possibility of multiple ETF launches on Thursday adds uncertainty to the market. As the SEC’s decision day approaches, it remains to be seen how these factors will impact the future of Bitcoin’s price and overall market sentiment.
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