Euro Pacific Capital CEO Warns of Impending Bitcoin Crash
Euro Pacific Capital CEO Peter Schiff has issued a warning, predicting that the approval of a spot Bitcoin exchange-traded fund (ETF) could lead to a market crash. According to Schiff, speculators are currently driving up the price of Bitcoin in anticipation of the ETF approval. However, he believes that once the ETF is given the green light by the U.S. Securities and Exchange Commission (SEC), these speculators will quickly sell off their positions, causing a sharp decline in Bitcoin’s price.
Bitcoin recently approached $38,000 for the first time since May 2022, prompting the liquidation of over 57,900 traders’ positions totaling more than $186.6 million. While Grayscale CEO Michael Sonnenshein downplayed the likelihood of a spot Bitcoin ETF approval, Bloomberg Intelligence Research James Seyffart suggested that the SEC could make a decision on pending applications at any time.
Hot Take: Is a Spot Bitcoin ETF Approval Cause for Concern?
The looming approval of a spot Bitcoin ETF has sparked debates about its potential impact on the cryptocurrency market. While some, like Peter Schiff, warn of an impending crash due to speculative activity, others remain skeptical about its immediate effects. As the industry awaits regulatory decisions, it’s essential to closely monitor developments and consider how they may shape the future of cryptocurrency trading and investment.
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