Pre-ETF BTC price 'crash' or $150K in 2025? Bitcoin forecasts diverge
Bitcoin (BTC) will “most likely” see a serious price drawdown before a key date for institutional investors dawns, says gold bug Peter Schiff.
In recent X activity, the longtime Bitcoin skeptic sounded the alarm over recent BTC price gains.
Bitcoin is a favoirte topic of criticism for Peter Schiff, the chief economist and global strategist at asset management firm Europac.
Throughout the years, he has repeatedly insisted that unlike gold, Bitcoin’s value is destined to return to zero, and that no one in fact wishes to hold it except in order to sell higher later on.
Now, with BTC/USD circling 18-month highs, he has turned his attention to what others say will be a watershed moment for cryptocurrency — the launch of the United States’ first Bitcoin spot price exchange-traded fund (ETF).
An approval is thought to be due in early 2024, while rumors that a green light could come in November are thought to have fueled last week’s ascent past $37,000.
While some believe that the announcement will be a “sell the news” event, where investors reduce exposure once certainty over the ETF hits, for Schiff, a BTC price comedown may not even wait for that.
In an X survey on Nov. 9, he offered two scenarios for a Bitcoin “crash” — before and after the ETF launch. Alternatively, respondents could choose “Buy and HODL till the moon,” which ultimately became the most popular choice with 68% of the nearly 25,000 votes.
Despite this, however, Schiff stood his ground.
“Based on the results my guess is that Bitcoin crashes before the ETF launch,” he responded.
When will #Bitcoin crash?
As Cointelegraph reported, the mood among the institutional sphere is lightening as the ETF debate looks increasingly set to end in Bitcoin’s favor.
Related: Bitcoin
Read more on cointelegraph.com
