Famous economist Peter Schiff, nicknamed the “Gold Bug”, announced the development that could be a “market crash” signal for cryptocurrencies.
Peter Schiff, who frequently comes to the fore with anti-cryptocurrency rhetoric, Bitcoin And altcoins He drew a market collapse scenario for Schiff dated November 9 in your postthe current rise in the cryptocurrency market spot Bitcoin ETF He stated that his expectation of approval was due to the purchase.
Following the approval of the spot Bitcoin ETF by the USA, the market in general There will be a big collapseThe experienced name states that everyone to be ready invited.
There will be a big sales wave
Famous economist after ETF approval a serious sales wave He suggested that he would come. By the time Schiff ETF approval comes, all speculators will have already taken their places and after the approval,i profit sales against There won’t be enough buyers he stated. He argued that this scenario would bring about an inevitable decline.
Schfiff included the following statements between the lines of his statement:
Bitcoin is approaching $38,000 as speculators continue to front-run a new Bitcoin ETF. But by the time the ETF launches, all speculators will have already bought it. So when these buyers sell to make a profit, there won’t be many left to buy the ETF. Get ready for a market crash.
Spot Bitcoin ETFs are currently under review by the US Securities and Exchange Commission (SEC). January 2024 probability of approval by 90% It is thought to be.