Peter Schiff, chief economist and global strategy at asset management company Europac, who is fond of criticizing Bitcoin (BTC), has repeatedly insisted over the years that the digital asset’s value will return to zero and that nobody wants to hold it unless they want to sell it higher in the future.
With BTC/USD at 18-month highs now, he is focusing on what many believe will be a major moment in cryptocurrency: the launch of America’s first Bitcoin Spot Price Exchange-Traded Fund (ETF). Rumors that the approval could be given in November are believed to have driven last week’s rise past $37,000.
Schiff believes that the BTC price may drop before the ETF announcement. While others believe the announcement will lead to a “sell-the-news” event where investors reduce their exposure as soon as they are certain about the ETF.
In an X poll on November 9, he presented two scenarios of a BTC crash—one before the ETF launch and another after. The other option was to “buy and HODL until the moon” which ended up being the most popular with 68% out of nearly 25,000 votes. Despite all this, however, Schiff refused to back down.
He responded, “Based on results, my guess is that Bitcoin will crash before the ETF launches.”
“That’s why people who bought rumors won’t make money if they sell before the facts are known.”
On the other hand, AllianceBernstein presents a bullish outlook for BTC, but not for this year. The global asset management firm predicts that the coin may peak $150,000 by the 2025 cycle.
The delay may lead to the disappointment of HODLers looking to cash in from the expected windfall of the US spot Bitcoin ETF approvals and halving hypes of Bitcoin, but the chart shown below—provided by the company to Marketwatch—presents a persuasive motivation for investors to exercise patience.
As of this writing at 6:00 PM (UTC time) on Sunday, BTC has stagnated at around $37,000 moving modestly between $37,227 and $36,773 intraday. Meanwhile, the trading volume of the crypto within the same timeframe was down by 19% to $12 billion.
The recent filings of high-grade institutions to the US Securities and Exchange Commission for spot Bitcoin ETF can be attributed to the almost 40% spike of BTC in just a month and around 125% increase in its value YTD.
So far, the all-time high of the asset remains at $69,000.
Note that while Europac’s Peter Schiff presents a sound forecast for Bitcoin, cryptocurrency markets can be highly unpredictable. Regulatory shifts or market sentiment changes may alter investments considerably, so one should exercise DD when making financial decisions anchored on opinions.