Peter Schiff: Bitcoin will fall before the launch of spot Bitcoin ETFs

Euro Pacific Capital President Peter Schiff conducted a poll on his X (formerly Twitter) about when Bitcoin would crash.

When will #Bitcoin crash?

— Peter Schiff (@PeterSchiff) November 9, 2023

68.1% of respondents believe that the asset should be bought and held. 23% of respondents predicted the collapse of the first cryptocurrency after the launch of spot Bitcoin ETFs; according to 8.9% of readers, the collapse of Bitcoin will occur even before the launch of exchange-traded funds.

Peter Schiff himself commented on the survey results:

Based on the results my guess is that Bitcoin crashes before the ETF launch. That’s 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

“Based on the results, I expect Bitcoin to fall before the ETF launches. So people who bought into the rumors won’t make a real profit if they wait to sell.”

In May 2022, Schiff said that the price of Bitcoin would drop to $8,000. Bernstein analysts previously predicted that if spot Bitcoin ETFs are approved, the price of the asset will reach $150,000 by 2025.

Source: Cryptocurrency

David

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