Peter Schiff Warns On BTC Price Decline After Bitcoin ETF Approval

Popular US investor Peter Schiff on Tuesday warned traders and investors in the crypto market on the chances of a Bitcoin BTC Price decline even if the U.S. Securities and Exchange Commission (SEC) announces the approval of spot Bitcoin ETF on Wednesday, January 10, 2024. He remarked that there is also a possibility of the approval getting delayed or rejected.

Also Read: Bitcoin ETF Race Heats Up as Firms Reduce Fees in Final Push Before SEC Verdict

Bitcoin Already Priced In ETF News?

The BTC Price saw huge volatility in the context of the US SEC’s X account getting hacked and the false announcement made on the approval of the ETF. Although SEC Chair Gary Gensler informed that the account was compromised and an unauthorized tweet was posted, the damage was already done as millions of dollars worth of Bitcoin was traded between the spike it received after the unauthorized post. Gensler confirmed that the SEC has not approved the listing and trading of spot bitcoin exchange-traded products.

Meanwhile, economist Peter Schiff noted that there are chances that the ETF may not be approved at all, warning that investors should be cautious high speculation around a rally. He said,

“With so many speculators expecting a rally, it’s hard to believe the market will deliver. Better to sell today.”

This brings to the forefront the question on whether the Bitcoin ETF approval announcement would turn out to be a ‘sell the news’ event, in the context of the unauthorized post meant huge volatility.

ETF Launch On Thursday?

In the event of the SEC approving the ETF filings for the likes of Blackrock, Fidelity, Bitwise, Grayscale and Valkyrie on January 10, 2024, it remains to be seen if the Commission would allow all the applicants to launch the ETFs for trading as soon as the following day. The 60 day period by which the US SEC is obligated to deliver a decision on the approval or rejection of the Ark 21Shares spot Bitcoin ETF ends on January 10. Hence, it is expected that the agency would deliver the announcement on approval for all applicants at once by this date.

Also Read: XRP ETF Filing To Come Within Weeks After Bitcoin ETF Approval?