Benzinga - Renowned economist and cryptocurrency critic Peter Schiff has warned that Bitcoin (CRYPTO: BTC) will crash before BlackRock Inc.'s (NYSE:BLK) highly-anticipated spot Bitcoin exchange-traded fund (ETF) launch.
What Happened: Schiff shared his prediction on Friday, after looking at the results of a poll he conducted asking people when Bitcoin will crash.
"Based on the results my guess is that Bitcoin crashes before the ETF launch," Schiff said, adding that those who bought the rumor won't profit if they wait for the launch to sell their Bitcoin holdings.
Based on the results my guess is that Bitcoin crashes before the ETF launch. That why the people who bought the rumor won't actually profit if they wait for the fact to sell.— Peter Schiff (@PeterSchiff) November 10, 2023
Schiff's Bitcoin crash poll received over 24,000 responses, with over 68% saying "Buy & HODL till the moon."
Schiff's Bitcoin ETF skepticism is not new – in October, he said that the demand has been "over-estimated" and it's actually the Bitcoin owners who are waiting to sell.
Bitcoin speculators have over-estimated the demand for a new #BitcoinETF. It's hard to believe that with so many existing ways to gain exposure to #Bitcoin, that there's a large group of would-be buyers who've been waiting to buy. It's Bitcoin owners who've been waiting to sell.— Peter Schiff (@PeterSchiff) October 24, 2023
The gold bull has previously dismissed the belief that a spot Bitcoin ETF would increase adoption. "All it does is make it easier for some speculators to place directional bets on price," he said.
See Also: BlackRock ‘Increasingly Confident’ About SEC’s Approval Of Its Spot Bitcoin ETF: Report
Why It Matters: Bitcoin prices have surged over 37% in the last one month to hover around the $37,000 mark in anticipation of the ETF receiving SEC approval by Nov. 17.
Schiff acknowledged the run-up, stating that this is because speculators have "front run" the Bitcoin ETF.
However, Schiff maintained his position that once the speculators start selling, there won't be many people left to buy the Bitcoin ETF. "Get ready for a crash," he warned.Read Next: Bitcoin Reclaims $37,000, Pulls Ethereum Higher As Dogecoin Consolidates: A Look At Crypto Into The Weekend
Photo: Courtesy of Wikimedia Commons
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