Peter Schiff Predicts Bitcoin’s Rally Will End with SEC Approval
Bitcoin experienced a surge in price, reaching $35,000 this month. However, Peter Schiff, founder and chief global strategist of Euro Pacific Capital, is skeptical about the longevity of this rally.
Schiff’s Doubts on Bitcoin’s Rally
Schiff believes that once the SEC approves a spot Bitcoin ETF, the rally will lose momentum. He also anticipates that traders may sell off their cryptocurrency holdings to secure profits before the approval is granted. Schiff expressed his concerns on Twitter:
“#Bitcoin is now trading at $35K as speculators bet on SEC approval of $GBTC converting into an ETF. Such a conversation will likely mark the top of the rally, if Bitcoin doesn’t sell off prior to approval. The selloff will be less severe if the ETF conversion is rejected again.”
While time will determine the accuracy of Schiff’s prediction, Bitcoin experienced significant growth immediately after his tweet.
The Impact of the SEC’s Decision
Schiff suggests that if the Securities and Exchange Commission rejects the ETF conversion again, it could provide temporary support for Bitcoin’s price. This implies that some bullish investors may continue holding their Bitcoin despite negative news, expecting another rally either before or after an SEC approval.
In response to a question about his personal Bitcoin holdings, Schiff stated that he does not own any.
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