Peter Schiff Disses Bitcoin Rally, Says “the Party Will Soon End”

Anti-Bitcoin (BTC) proponent and market analyst Peter Schiff has expressed pessimism at the recent price rally of Bitcoin (BTC) and altcoins in general. He mentioned that the rally is likely to end soon seeing that the largest cryptocurrency by market capitalization has joined the rally which he termed “the party.” 

Peter Schiff and his New Bear Rationale 

In his opinion, “rallies end when the lowest quality stuff finally participates” noting that there’s no lower quality than crypto.” 

Until recently the rally in highly speculative assets excluded #Bitcoin. Now that Bitcoin has finally joined the party, perhaps it's a sign that the party will soon end. Usually rallies end when the lowest quality stuff finally participates. There's no lower quality than #crypto.

— Peter Schiff (@PeterSchiff) June 23, 2023

While his statement may trigger some reactions in the crypto community, Schiff has always been known to make bold but bearish predictions about BTC. However, it looks like the crypto industry is shunning the criticisms and stepped into new territories this season

Earlier today, the United States Securities and Exchange Commission (SEC) gave a nod of  to 2x Bitcoin Strategy Exchange Traded Fund (ETF), which is also known as BITX. This paved the way for the listing of the Volatility Shares ETF, whose launch is to be held on Tuesday, June 27th 2023. 

Markedly, this earns the ETF the status of the first-ever leveraged crypto ETF to get the approval of the SEC.

Stuart Barton, the company’s Chief Investment Officer clarified that the SEC has not rejected its ETF application so far, therefore, the firm is going ahead with its Bitcoin ETF launch. Per the ETF filing, the Volatility Shares ETF will link up with CME Bitcoin Futures Daily Roll Index. With the Volatility Shares ETF, customers will gain exposure to Bitcoin at just 50% of the price of the coin. 

BlackRock Leads Other Filings for Spot BTC ETF

News of this leveraged crypto ETF plus the application for a spot BTC ETF by BlackRock has birthed positive sentiments in the crypto industry. 

Bitcoin price has now soared to $31,000, it’s highest price point since the start of the year. There have also been other recent ETF applications from the likes of WisdomTree, Valkyrie, Fidelity, Invesco and Bitwise. In the meantime, all these investment asset management companies are awaiting a decision from the SEC.

WisdomTree and Valkyrie had formerly applied for a spot BTC ETF with the U.S regulator but their applications were turned down at separate times. All of these heightened institutional interests in the crypto ecosystem caused a rally in the market prices of cryptocurrencies, especially Bitcoin.