{"id":560390,"date":"2023-11-13T13:00:12","date_gmt":"2023-11-13T13:00:12","guid":{"rendered":"https:\/\/uniquehot.com\/?p=560390"},"modified":"2024-06-11T08:12:50","modified_gmt":"2024-06-11T08:12:50","slug":"economist-bitcoin-crash-spot-etf","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/economist-bitcoin-crash-spot-etf\/","title":{"rendered":"Renowned Economist Warns Of Bitcoin Crash Before Spot ETF Approvals"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The entire crypto industry<\/span><a href=\"https:\/\/uniquehot.com\/bitcoin-news\/coinbase-bullish-bitcoin-etf-approval-expected-after-secs-defeat\/\"><span style=\"font-weight: 400\"> is waiting for the approval<\/span><\/a><span style=\"font-weight: 400\"> of Spot Bitcoin ETFs in the US to upend the market and herald the next extended bullish run for BTX. However, Chief Economist Peter Schiff is of another thought and is of the idea that a BTC price crash is on the horizon even before the SEC gives the green light on spot Bitcoin ETFs.\u00a0<\/span><\/p>\n<h2>Economist Peter Schiff Warns of Potential Bitcoin Crash<\/h2>\n<p><span style=\"font-weight: 400\">Schiff created a poll on social media recently and asked his more than 980,000 followers to vote on a timeline for the next Bitcoin crash. The poll attracted a total of 24,599 votes, with the majority of respondents indicating that they anticipate a decline in price well after spot Bitcoin ETFs are approved. However, a majority (68.1%) choose the &#8220;Buy and HODL till the moon&#8221; option, indicating the long-term holding sentiment of many BTC traders.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/new-all-time-highs-for-bitcoin-in-2023-analyst-shares-ultra-bullish-prediction\/\">New All-Time Highs For Bitcoin In 2023? Analyst Shares Ultra Bullish Prediction<\/a><\/div>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">When will <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> crash?<\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/49279590?ref_src=twsrc%5Etfw\" rel=\"nofollow\">November 9, 2023<\/a><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Schiff disagreed with the outcome of this poll voted on by his followers. The economist is of the notion that the results pointed to a crash before the ETF launch despite the option receiving only 8.9% of votes.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Based on the results my guess is that Bitcoin crashes before the ETF launch. That why the people who bought the rumor won&#8217;t actually profit if they wait for the fact to sell.<\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/73089016?ref_src=twsrc%5Etfw\" rel=\"nofollow\">November 10, 2023<\/a><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">This thought process is definitely not what Bitcoin bulls want to hear right now, as the post attracted comments disagreeing with Schiff. One user stated, &#8220;I would say that based on your results 70% of your followers hold #Bitcoin, that should tell you something.&#8221;<\/span><\/p>\n<h2>Why Does Peter Schiff Predict a Crash Before ETF Approvals?<\/h2>\n<p><span style=\"font-weight: 400\">Schiff had made a post last month during Bitcoin&#8217;s climb above $30,000 to give some sort of explanation on his thought process. According to him, investors are buying BTC now because they expect more investors to rush in once spot Bitcoin ETFs are approved. But there could be more people waiting to sell and make a profit on the price influx.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This statement could be somewhat true, as BTC could crash if holders decide to sell their assets during soaring prices. As expected, many investors disagreed with him.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Speculators are buying <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> now because they think other speculators are waiting to buy a <a href=\"https:\/\/twitter.com\/hashtag\/BitcoinETF?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#BitcoinETF<\/a>. They will soon discover that there are far more speculators waiting to sell then waiting to buy!<\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/36045584?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 23, 2023<\/a><\/p><\/blockquote>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/shiba-inu\/shiba-inu-price-prediction\/\">Shiba Inu Price Prediction: Machine Learning Algorithm Reveals December Target<\/a><\/div>\n<p><span style=\"font-weight: 400\">Schiff has been known to make comments contradicting market sentiment around Bitcoin. A post made as far back as November 2018 showed the economist saying Bitcoin could crash from $3,800 to $750. The cryptocurrency would go ahead to reach $13,000 in the months after.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Don&#8217;t make the mistake of thinking that buying <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> below $3,800 is a bargain just because the current price is better than 80% below its record high. Bitcoin&#8217;s price could easily drop another 80% from here, and at $750 it would still be expensive!<\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/65223425?ref_src=twsrc%5Etfw\" rel=\"nofollow\">November 25, 2018<\/a><\/p><\/blockquote>\n<h2>The Bullish Case For Spot Bitcoin ETFs<\/h2>\n<p><span style=\"font-weight: 400\">With SEC approval of Bitcoin spot ETFs seemingly on the horizon, the bullish case for Bitcoin is building. The introduction of spot ETFs will usher in a new wave of investors and <\/span><a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-etf-approval-anticipated-to-trigger-fiat-influx-of-24-50-billion\/\"><span style=\"font-weight: 400\">inject new money<\/span><\/a><span style=\"font-weight: 400\"> into BTC that could drive prices far higher long term.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The SEC has <\/span><a href=\"https:\/\/bitcoinist.com\/spot-bitcoin-etf-approval-this-week\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">reportedly set a window<\/span><\/a><span style=\"font-weight: 400\"> from November 8 to 17 to decide on applications, but the industry could see the <\/span><a href=\"https:\/\/bitcoinist.com\/spot-bitcoin-etfs-short-window-all-12-opens\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">decision delayed until<\/span><\/a><span style=\"font-weight: 400\"> January 2024.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Bitcoin is trading at $36,990 at the time of writing and is eyeing the next resistance at $37,000.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/RQK2cS20\/\" alt=\"Bitcoin price chart from Tradingview.com (Spot Bitcoin ETF Peter Schiff economist)\" width=\"2650\" height=\"1742\"><\/p>\n<pre style=\"text-align: center\">BTC bulls reclaim $37,000 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">Featured image from Investment Monitor, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The entire crypto industry is waiting for the approval of Spot Bitcoin ETFs in the US to upend the market and herald the next extended bullish run for BTX. However, Chief Economist Peter Schiff is of another thought and is of the idea that a BTC price crash is on the horizon even before the SEC gives the green light on spot Bitcoin ETFs.\u00a0 Economist Peter Schiff Warns of Potential Bitcoin Crash Schiff created a poll on social media recently and asked his more than 980,000 followers to vote on a timeline for the next Bitcoin crash. The poll attracted a total of 24,599 votes, with the majority of respondents indicating that they anticipate a decline in price well after spot Bitcoin ETFs are approved. However, a majority (68.1%) choose the &#8220;Buy and HODL till the moon&#8221; option, indicating the long-term holding sentiment of many BTC traders.\u00a0 Related Reading: New All-Time Highs For Bitcoin In 2023? Analyst Shares Ultra Bullish Prediction When will #Bitcoin crash? \u2014 Peter Schiff (@PeterSchiff) November 9, 2023 Schiff disagreed with the outcome of this poll voted on by his followers. The economist is of the notion that the results pointed to a crash before the ETF launch despite the option receiving only 8.9% of votes. Based on the results my guess is that Bitcoin crashes before the ETF launch. That why the people who bought the rumor won&#8217;t actually profit if they wait for the fact to sell. \u2014 Peter Schiff (@PeterSchiff) November 10, 2023 This thought process is definitely not what Bitcoin bulls want to hear right now, as the post attracted comments disagreeing with Schiff. One user stated, &#8220;I would say that based on your results 70% of your followers hold #Bitcoin, that should tell you something.&#8221; Why Does Peter Schiff Predict a Crash Before ETF Approvals? Schiff had made a post last month during Bitcoin&#8217;s climb above $30,000 to give some sort of explanation on his thought process. According to him, investors are buying BTC now because they expect more investors to rush in once spot Bitcoin ETFs are approved. But there could be more people waiting to sell and make a profit on the price influx.\u00a0 This statement could be somewhat true, as BTC could crash if holders decide to sell their assets during soaring prices. As expected, many investors disagreed with him. Speculators are buying #Bitcoin now because they think other speculators are waiting to buy a #BitcoinETF. They will soon discover that there are far more speculators waiting to sell then waiting to buy! \u2014 Peter Schiff (@PeterSchiff) October 23, 2023 Related Reading: Shiba Inu Price Prediction: Machine Learning Algorithm Reveals December Target Schiff has been known to make comments contradicting market sentiment around Bitcoin. A post made as far back as November 2018 showed the economist saying Bitcoin could crash from $3,800 to $750. The cryptocurrency would go ahead to reach $13,000 in the months after. Don&#8217;t make the mistake of thinking that buying #Bitcoin below $3,800 is a bargain just because the current price is better than 80% below its record high. Bitcoin&#8217;s price could easily drop another 80% from here, and at $750 it would still be expensive! \u2014 Peter Schiff (@PeterSchiff) November 25, 2018 The Bullish Case For Spot Bitcoin ETFs With SEC approval of Bitcoin spot ETFs seemingly on the horizon, the bullish case for Bitcoin is building. The introduction of spot ETFs will usher in a new wave of investors and inject new money into BTC that could drive prices far higher long term.\u00a0 The SEC has reportedly set a window from November 8 to 17 to decide on applications, but the industry could see the decision delayed until January 2024.\u00a0 Bitcoin is trading at $36,990 at the time of writing and is eyeing the next resistance at $37,000. BTC bulls reclaim $37,000 | Source: BTCUSD on Tradingview.com Featured image from Investment Monitor, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":560398,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,532,656,1119,89185,1122,1144,78790,1944,89193,84647],"class_list":["post-560390","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-etf","tag-bitcoin-news","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-etf","tag-etf-news","tag-spot-bitcoin-etf"],"acf":[],"yoast_head":"\n<title>Renowned Economist Warns Of Bitcoin Crash Before Spot ETF Approvals<\/title>\n<meta name=\"description\" content=\"The entire crypto industry is waiting for the approval of Spot Bitcoin ETFs in the US to 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. 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