Peter Schiff, chief market strategist at Euro Pacific Asset Management statedthat the speculative frenzy around the Bitcoin ETF will soon end, and the collapse in the price of the first cryptocurrency will be more impressive than its rally in recent months, writes RBC Crypto.
According to the expert, the $41 thousand mark could become a local maximum in the price of Bitcoin (BTC), unlike gold, the price of which for the first time in history exceeded $2100 per ounce.
On the morning of December 4, the Bitcoin rate surpassed $41 thousand and immediately reached $41.7 thousand, reaching a new annual maximum. The last time Bitcoin traded above $40,000 was in April 2022. By data Coinmarketcap, as of 13:30 Moscow time, the cost of the first cryptocurrency is approximately $41.5 thousand.
In mid-October, the rate of the first cryptocurrency began to grow rapidly amid news about possible approval Bitcoin spot exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC). In less than a month, the price of Bitcoin has increased by almost $10 thousand.
Currently, several large investment companies are awaiting approval of their own Bitcoin ETFs by the US Securities and Exchange Commission. The launch of such ETFs is considered in the crypto community to be a catalyst for a new bull cycle in the market.
Peter Schiff is one of the most famous critics of the first cryptocurrency. In 2011, when BTC was worth about $1, he said that he would rather invest $10,000 in gold than in Bitcoin, since it is unknown what will happen to Bitcoin in a few years. Since then, the first cryptocurrency has risen in price by more than 4 million percent.
Last August, when Bitcoin was trading at $24,000, Peter Schiff said that the first cryptocurrency would never return to its all-time high of $69,000 and would fall below $10,000.
Source: Cryptocurrency
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