Peter Schiff Says Bitcoin's Rally To $34K May Peak If GBTC Converts To ETF, Predicts Potential Selloff
Portfolio Pulse from Mehab Qureshi
Peter Schiff, a gold investor, has warned that the current Bitcoin rally could peak if the Grayscale Bitcoin Trust (GBTC) is approved to convert into an ETF by the SEC. He suggests that a potential selloff could occur if this conversion takes place. This comes as the SEC and Grayscale's dispute over the approval of a spot bitcoin ETF has concluded, with the D.C. Circuit Court of Appeals directing the SEC to abandon its rejection of Grayscale's application.
October 24, 2023 | 12:00 pm
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NEGATIVE IMPACT
The current Bitcoin rally could peak if the Grayscale Bitcoin Trust (GBTC) is approved to convert into an ETF, leading to a potential selloff, according to Peter Schiff.
The potential conversion of GBTC into an ETF could lead to increased speculation and volatility in the Bitcoin market. If the conversion is approved, it could mark the peak of the Bitcoin rally, potentially leading to a selloff. This could negatively impact the price of Bitcoin in the short term.
CONFIDENCE 70
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The potential conversion of Grayscale Bitcoin Trust (GBTC) into an ETF could lead to a peak in the Bitcoin rally, followed by a potential selloff, according to Peter Schiff.
The news of the potential conversion of GBTC into an ETF could lead to increased speculation and volatility in the short term. If the conversion is approved, it could mark the peak of the Bitcoin rally, potentially leading to a selloff. This could negatively impact the price of GBTC in the short term.
CONFIDENCE 70
IMPORTANCE 80
RELEVANCE 100