Goldbug Peter Schiff warned that spot Bitcoin ETF approval could collapse the BTC market, while Matrixpoint says SEC greenlight unlikely before Q2, despite general optimism.
Amid the mix of anticipation and skepticism about the potential approval of the first spot Bitcoin exchange-traded fund (ETF) in the United States, prominent Bitcoin critic and gold proponent Peter Schiff has warned BTC enthusiasts to be careful what they wish for.
In a tweet on X (formerly Twitter), Schiff said spot Bitcoin ETFs could have a catastrophic impact on the price of BTC. Schiff said that the promise of a U.S.-listed spot Bitcoin ETF has supported the Bitcoin price and speculative demand for years. This could mean the approval of an ETF could collapse the price of BTC if the anticipated institutional demand doesn’t come.
Bloomberg ETF analyst Eric Balchunas - who has been at the forefront of the spot Bitcoin ETF debate and had seen a 99% chance of approval in the first quarter of 2024 - now believes there is still a slim chance that the SEC could hand down the “rug pull of a decade” and reject the applications once again.
