{"id":567887,"date":"2024-01-04T00:00:10","date_gmt":"2024-01-04T00:00:10","guid":{"rendered":"https:\/\/uniquehot.com\/?p=567887"},"modified":"2024-06-11T14:43:59","modified_gmt":"2024-06-11T14:43:59","slug":"bitcoin-at-a-crossroads-economists-doom-prediction-clashes-with-spot-etf-approval-hopes","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/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":"<p>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 <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/63757011?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">voiced<\/a> a dissenting opinion.<\/p>\n<p>Schiff projected a <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/analysts-sound-alarm-spot-bitcoin-etf-approval\/\" target=\"_blank\" rel=\"noopener \">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<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/analysts-sound-alarm-spot-bitcoin-etf-approval\/\" target=\"_blank\" rel=\"noopener \">CryptoQuant Sound Alarm: Spot Bitcoin ETF Approval May Trigger Drop To $32,000, Here\u2019s Why<\/a><\/div>\n<h2>Economist Spells Gloom For Bitcoin<\/h2>\n<p>In a recent post on X, Schiff expressed his skepticism, suggesting that the speculative buzz around the US.-listed ETF directly<a href=\"https:\/\/uniquehot.com\/bitcoin-news\/matrixport-foresees-bitcoin-hitting-50000-price-mark\/\" target=\"_blank\" rel=\"noopener \"> investing in Bitcoin<\/a> has been &#8220;inflating&#8221; the crypto\u2019s value.<\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/mHQOPNe5\/\" alt=\"Bitcoin (BTC) price chart on TradingView\" width=\"2770\" height=\"1556\"><figcaption class=\"wp-caption-text\">Bitcoin (BTC) price is moving sideways on the 4-hour chart. Source: BTC\/USDT on <a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=BINANCE%3ABTCUSDT\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<p>This view aligns with Bitcoin&#8217;s price trend, which saw an uptick in late last year, following a <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/blackrock-false-bitcoin-spot-etf\/\" target=\"_blank\" rel=\"noopener \">false report about the approval of BlackRock&#8217;s 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<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Be careful what you wish for. The promise of a U.S. listed spot <a href=\"https:\/\/twitter.com\/hashtag\/BitcoinETF?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#BitcoinETF<\/a> has been supporting the <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#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<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/63757011?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">January 2, 2024<\/a><\/p><\/blockquote>\n<h2>Community Clashes With Schiff&#8217;s Pessimism<\/h2>\n<p>Peter Schiff&#8217;s 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 <a href=\"https:\/\/x.com\/bloxperts\/status\/17029500?s=20\" target=\"_blank\" rel=\"noopener nofollow\">asked<\/a> Schiff for examples of ETF launches that led to bearish outcomes.<\/p>\n<p>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: &#8220;You might as well just own a gold ETF.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Well there is really no need for a Bitcoin ETF, as you can buy and store Bitcoin yourself for free. What&#8217;s the point of owning it in an ETF anyway? You might as well just own a gold ETF.<\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/00218348?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">January 2, 2024<\/a><\/p><\/blockquote>\n<p>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 <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoins-2024-forecast-from-60000-to-500000-top-experts-share-bold-predictions\/\" target=\"_blank\" rel=\"noopener \">transformative event for the digital asset market<\/a>.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoins-2024-forecast-from-60000-to-500000-top-experts-share-bold-predictions\/\" target=\"_blank\" rel=\"noopener \">Bitcoin\u2019s 2024 Forecast: From $60,000 To $500,000, Top Experts Share Bold Predictions<\/a><\/div>\n<p>Butterfill suggests that an investment increase of 20% from current assets under management could push Bitcoin prices to around $80,000. Such <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-road-to-record-heights-analysts-forecast-post-halving-surge\/\" target=\"_blank\" rel=\"noopener \">predictions<\/a> stand in stark contrast to Schiff\u2019s views, reflecting the diverse opinions and expectations surrounding Bitcoin&#8217;s future in the wake of potential regulatory changes.<\/p>\n<p>Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 dissenting opinion. Schiff projected a grim future 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. Related Reading: CryptoQuant Sound Alarm: Spot Bitcoin ETF Approval May Trigger Drop To $32,000, Here\u2019s Why Economist Spells Gloom For Bitcoin In a recent post on X, Schiff expressed his skepticism, suggesting that the speculative buzz around the US.-listed ETF directly investing in Bitcoin has been &#8220;inflating&#8221; the crypto\u2019s value. This view aligns with Bitcoin&#8217;s price trend, which saw an uptick in late last year, following a false report about the approval of BlackRock&#8217;s pending spot ETF application. 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. Be careful what you wish for. The promise of a U.S. listed spot #BitcoinETF has been supporting the #Bitcoin 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! \u2014 Peter Schiff (@PeterSchiff) January 2, 2024 Community Clashes With Schiff&#8217;s Pessimism Peter Schiff&#8217;s 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 Schiff for examples of ETF launches that led to bearish outcomes. 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: &#8220;You might as well just own a gold ETF.&#8221; Well there is really no need for a Bitcoin ETF, as you can buy and store Bitcoin yourself for free. What&#8217;s the point of owning it in an ETF anyway? You might as well just own a gold ETF. \u2014 Peter Schiff (@PeterSchiff) January 2, 2024 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. Related Reading: Bitcoin\u2019s 2024 Forecast: From $60,000 To $500,000, Top Experts Share Bold Predictions Butterfill suggests that an investment increase of 20% from current assets under management could push Bitcoin prices to around $80,000. Such predictions stand in stark contrast to Schiff\u2019s views, reflecting the diverse opinions and expectations surrounding Bitcoin&#8217;s future in the wake of potential regulatory changes. Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":567901,"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":[428,532,1119,86857,78790,6664,84647],"class_list":["post-567887","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-etf","tag-btc","tag-btc-etf","tag-btcusdt","tag-crypto","tag-spot-bitcoin-etf"],"acf":[],"yoast_head":"\n<title>Bitcoin At A Crossroads? 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin At A Crossroads? 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