Chief Economist Questions When Bitcoin Will Crash
With nearly a million followers on social media, Chief economist Peter Schiff polled his audience about their predictions for the next Bitcoin crash. However, he disagreed with the results provided by his followers.
Peter Schiff’s Contradiction
Schiff directly questioned his followers about whether the Bitcoin crash would occur before or after the launch of a Bitcoin exchange-traded fund (ETF). The results leaned towards post-launch, with 23%, in contrast to 8% predicting it would happen before the launch. Despite this, Schiff contradicted the results and offered his own judgment through a tweet.
“Based on the results my guess is that Bitcoin crashes before the ETF launch. That is why the people who bought the rumor won’t actually profit if they wait for the fact to sell.”
However, 68.1% clicked on an impartial third option, “Buy and HODL till the moon,” indicating a strong belief in holding onto Bitcoin regardless of market fluctuations.
Bitcoin ETF Approval Speculation
Several recent reports have highlighted Bitcoin’s notable price surge amid anticipation of forthcoming Bitcoin ETF approval. On November 9, BeInCrypto reported that Bitcoin crossed the $36,000 mark, a level not seen since May 2022. Additionally, two Bloomberg analysts asserted a 75% likelihood of Bitcoin ETFs being introduced in the United States this year.
In a post on X (formerly Twitter), Eric Balchunas and James Seyffart from Bloomberg expressed heightened confidence regarding their prediction of spot Bitcoin ETFs securing approval this year:
“[James Seyffart] and I are upping our odds to 75% of spot Bitcoin ETFs launching this [year].”
Hot Take: The Impact of an Imminent Bitcoin ETF
The anticipation of a Bitcoin ETF has fueled speculation and optimism among investors. Regardless of when the next crash will occur, there is a growing confidence in the potential approval of Bitcoin ETFs in the United States, leading to significant price surges in the crypto market.
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