Peter Schiff Warns Bitcoin Will Crash Before ETF Launch: 'People Who Bought The Rumor…'
Portfolio Pulse from Rounak Jain
Peter Schiff, a well-known economist and cryptocurrency critic, has predicted that Bitcoin will crash before the launch of BlackRock Inc.'s anticipated spot Bitcoin ETF. Schiff's prediction is based on a poll he conducted, which received over 24,000 responses, with the majority supporting 'Buy & HODL till the moon.' Despite Bitcoin's recent 37% surge in price, Schiff believes the demand for the ETF has been overestimated and that Bitcoin owners are waiting to sell, not buy. He warns that the market may face a crash as speculators may start selling off before the ETF's potential SEC approval by Nov. 17.
November 11, 2023 | 5:20 am
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NEGATIVE IMPACT
Peter Schiff predicts a Bitcoin crash before the launch of BlackRock's spot Bitcoin ETF, potentially affecting investor sentiment towards BlackRock.
Schiff's prediction of a Bitcoin crash could lead to negative sentiment towards BlackRock's ETF product, potentially affecting BLK's stock price in the short term due to investor concerns over the success of the ETF launch.
CONFIDENCE 60
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Peter Schiff's prediction of a Bitcoin crash before the ETF launch could influence Bitcoin's price, potentially leading to a decrease in value.
Given Schiff's influence and the recent price surge due to ETF anticipation, his prediction could lead to a sell-off in Bitcoin, causing a short-term price decline.
CONFIDENCE 70
IMPORTANCE 90
RELEVANCE 100