{"id":34735,"date":"2024-01-04T00:53:10","date_gmt":"2024-01-04T04:53:10","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=34735"},"modified":"2024-01-04T00:53:10","modified_gmt":"2024-01-04T04:53:10","slug":"bitcoin-at-a-crossroads-economists-doom-prediction-clashes-with-spot-etf-approval-hopes","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/04\/bitcoin-at-a-crossroads-economists-doom-prediction-clashes-with-spot-etf-approval-hopes\/","title":{"rendered":"Bitcoin At A Crossroads? Economist\u2019s Doom Prediction Clashes With Spot ETF Approval Hopes"},"content":{"rendered":"

As the world of crypto braces for a potential regulatory nod from the US Securities and Exchange Commission (SEC) in favor of a Bitcoin spot exchange-traded fund (ETF), Peter Schiff, a notable crypto critic, has voiced<\/a> a dissenting opinion.<\/p>\n

Schiff projected a grim future<\/a> for Bitcoin, especially in the event of a spot ETF approval. His comments come at a time when the crypto community is abuzz with expectations of a boost in institutional investor interest in Bitcoin.<\/p>\n

Economist Spells Gloom For Bitcoin<\/h2>\n

In a recent post on X, Schiff expressed his skepticism, suggesting that the speculative buzz around the US.-listed ETF directly investing in Bitcoin<\/a> has been \u201cinflating\u201d the crypto\u2019s value.<\/p>\n

This view aligns with Bitcoin\u2019s price trend, which saw an uptick in late last year, following a false report about the approval of BlackRock\u2019s pending spot ETF application<\/a>. While crypto enthusiasts view the potential spot ETF approval as a gateway for traditional investors into the crypto market, Schiff\u2019s outlook starkly contrasts this sentiment.<\/p>\n

Be careful what you wish for. The promise of a U.S. listed spot #BitcoinETF<\/a> has been supporting the #Bitcoin<\/a> price and speculative demand for years. Once the ETFs are launched and the highly anticipated institutional and other new investor demand does not show up, look out below!<\/p>\n

\u2014 Peter Schiff (@PeterSchiff) January 2, 2024<\/a><\/p>\n

Community Clashes With Schiff\u2019s Pessimism<\/h2>\n

Peter Schiff\u2019s statements have not gone unchallenged in the crypto community. On X, his posts have attracted critical responses, with users questioning the basis of his bearish predictions. One X user, known as Bloxpert, directly asked<\/a> Schiff for examples of ETF launches that led to bearish outcomes.<\/p>\n

Schiff, in response, questioned the necessity of a Bitcoin ETF, arguing that since Bitcoin can be bought and stored independently, an ETF seems redundant. He implicitly downplayed the need for such financial products in the crypto space, concluding: \u201cYou might as well just own a gold ETF.\u201d<\/p>\n

Well there is really no need for a Bitcoin ETF, as you can buy and store Bitcoin yourself for free. What\u2019s the point of owning it in an ETF anyway? You might as well just own a gold ETF.<\/p>\n

\u2014 Peter Schiff (@PeterSchiff) January 2, 2024<\/a><\/p>\n

Despite Schiff\u2019s bearish outlook, a significant portion of the crypto community and many experts remain optimistic. For instance, James Butterfill, head of research at CoinShares, sees the approval of a spot Bitcoin ETF in the US as a transformative event for the digital asset market<\/a>.<\/p>\n

Butterfill suggests that an investment increase of 20% from current assets under management could push Bitcoin prices to around $80,000. Such predictions<\/a> stand in stark contrast to Schiff\u2019s views, reflecting the diverse opinions and expectations surrounding Bitcoin\u2019s future in the wake of potential regulatory changes.<\/p>\n

Featured image from Unsplash, Chart from TradingView<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

As the world of crypto braces for a potential regulatory nod from the US Securities and Exchange Commission (SEC) in favor of a Bitcoin spot exchange-traded fund (ETF), Peter Schiff, a notable crypto critic, has voiced<\/a> a dissenting opinion.<\/p>\n

Schiff projected a grim future<\/a> for Bitcoin, especially in the event of a spot ETF approval. His comments come at a time when the crypto community is abuzz with expectations of a boost in institutional investor interest in Bitcoin.<\/p>\n

Economist Spells Gloom For Bitcoin<\/h2>\n

In a recent post on X, Schiff expressed his skepticism, suggesting that the speculative buzz around the US.-listed ETF directly investing in Bitcoin<\/a> has been \u201cinflating\u201d the crypto\u2019s value.<\/p>\n

This view aligns with Bitcoin\u2019s price trend, which saw an uptick in late last year, following a false report about the approval of BlackRock\u2019s pending spot ETF application<\/a>. While crypto enthusiasts view the potential spot ETF approval as a gateway for traditional investors into the crypto market, Schiff\u2019s outlook starkly contrasts this sentiment.<\/p>\n

Be careful what you wish for. The promise of a U.S. listed spot #BitcoinETF<\/a> has been supporting the #Bitcoin<\/a> price and speculative demand for years. Once the ETFs are launched and the highly anticipated institutional and other new investor demand does not show up, look out below!<\/p>\n

\u2014 Peter Schiff (@PeterSchiff) January 2, 2024<\/a><\/p>\n

Community Clashes With Schiff\u2019s Pessimism<\/h2>\n

Peter Schiff\u2019s statements have not gone unchallenged in the crypto community. On X, his posts have attracted critical responses, with users questioning the basis of his bearish predictions. One X user, known as Bloxpert, directly asked<\/a> Schiff for examples of ETF launches that led to bearish outcomes.<\/p>\n

Schiff, in response, questioned the necessity of a Bitcoin ETF, arguing that since Bitcoin can be bought and stored independently, an ETF seems redundant. He implicitly downplayed the need for such financial products in the crypto space, concluding: \u201cYou might as well just own a gold ETF.\u201d<\/p>\n

Well there is really no need for a Bitcoin ETF, as you can buy and store Bitcoin yourself for free. What\u2019s the point of owning it in an ETF anyway? You might as well just own a gold ETF.<\/p>\n

\u2014 Peter Schiff (@PeterSchiff) January 2, 2024<\/a><\/p>\n

Despite Schiff\u2019s bearish outlook, a significant portion of the crypto community and many experts remain optimistic. For instance, James Butterfill, head of research at CoinShares, sees the approval of a spot Bitcoin ETF in the US as a transformative event for the digital asset market<\/a>.<\/p>\n

Butterfill suggests that an investment increase of 20% from current assets under management could push Bitcoin prices to around $80,000. Such predictions<\/a> stand in stark contrast to Schiff\u2019s views, reflecting the diverse opinions and expectations surrounding Bitcoin\u2019s future in the wake of potential regulatory changes.<\/p>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n

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