Peter Schiff, a prominent gold bug, has been relentless in his criticism of bitcoin, even as the cryptocurrency soared above $70,000. Schiff’s latest warning came in response to the potential approval of spot Ethereum ETFs by the US Securities and Exchange Commission. He believes that if these ETFs are given the green light, it could spell bad news for bitcoin.
Spot ETFs have been a major talking point in the cryptocurrency industry this year, especially after the US SEC approved nearly a dozen Bitcoin products in January. Other countries, such as Hong Kong, have also followed suit in approving similar ETFs. However, all eyes are now on the US SEC to see if Ethereum will receive the same validation. As the second-largest cryptocurrency by market cap, Ethereum is at the forefront of this trend.
While the US SEC has delayed making a decision on several Ethereum ETF applications this year, there is hope on the horizon. Bloomberg’s ETF experts recently raised their prediction approval percentages for May from 25% to 75%, causing a significant surge in Ethereum’s price. This sudden increase also had a positive effect on Bitcoin, with its price jumping from under $67,000 to around $72,000.
Schiff’s Track Record
Peter Schiff’s history of criticizing bitcoin is well-documented, with his warnings of potential bubbles and investor caution ringing loud and clear. However, his success rate in predicting downturns for the cryptocurrency has been less than stellar. Just a month ago, he predicted further pain for Bitcoin holders when the price dipped below $63,000. Despite his warnings of a “long way down” if Bitcoin fell below $60,000, the cryptocurrency instead rebounded and now trades above $70,000.
The battle between gold bugs like Peter Schiff and Bitcoin bulls continues to play out in the cryptocurrency market. The approval of spot Ethereum ETFs by the US SEC could have significant implications for both Ethereum and Bitcoin. While Schiff’s warnings should be taken into consideration, his track record in predicting Bitcoin’s downfall has been mixed at best. As the market remains volatile and unpredictable, investors should approach with caution and do their own research before making any decisions.