{"id":1976,"date":"2024-05-21T14:05:11","date_gmt":"2024-05-21T14:05:11","guid":{"rendered":"https:\/\/cryptd.in\/peter-schiff-doing-peter-schiff-things-explains-how-ethereum-etfs-will-be-bad-for-bitcoin\/"},"modified":"2024-05-21T14:05:11","modified_gmt":"2024-05-21T14:05:11","slug":"peter-schiff-doing-peter-schiff-things-explains-how-ethereum-etfs-will-be-bad-for-bitcoin","status":"publish","type":"post","link":"https:\/\/cryptd.in\/lv\/peter-schiff-doing-peter-schiff-things-explains-how-ethereum-etfs-will-be-bad-for-bitcoin\/","title":{"rendered":"Peter Schiff Doing Peter Schiff Things: Explains How Ethereum ETFs Will Be Bad for Bitcoin"},"content":{"rendered":"

The popular gold bug continues with his barrage against bitcoin, but his latest warning came amid times of price resurgence as the cryptocurrency skyrocketed above $70,000.<\/p>\n

Schiff actually thinks that a lot of bad news will hit BTC if the US Securities and Exchange Commission indeed greenlights spot Ethereum ETFs.<\/p>\n

Schiff Goes After Bitcoin Again<\/h2>\n

Spot ETFs became the main news in the cryptocurrency industry this year after the US SEC approved almost a dozen such BTC products in mid-January after a decade of rejecting or delaying all applications. Other countries and special territories like Hong Kong followed suit, but the US remains the biggest market; hence, all eyes are on the regulatory agency to see whether another asset will receive such a validation.<\/p>\n

Being the second-largest cryptocurrency by market cap, Ethereum is, expectedly, at the forefront of this trend. However, the Commission has already delayed making a decision on several ETH ETF applications this year, and the chances of approval coming soon are quite slim. Or, they were quite slim until yesterday, when Bloomberg\u2019s ETF experts raised<\/a> their prediction approval percentages about May from 25% to 75%.<\/p>\n

In a matter of minutes, the underlying asset eksplod\u0113jis<\/a> by 10% and later 20%, hitting a multi-week high of over $3,800 earlier. However, BTC\u2019s price also surged<\/a> from under $67,000 to around $72,000 \u2013 a 6-week peak of its own.<\/p>\n

Peter Schiff, known for his constant stance against bitcoin, poured some cold water on BTC holders, indicating that a potential approval of Ethereum ETFs is actually bad news for the largest cryptocurrency.<\/p>\n

#Bitcoin<\/a> gained renewed strength from rumors that an #Ethereum<\/a> ETF will likely be approved. But any money to buy new Ether ETFs will most likely come from existing Bitcoin ETFs. Investors who decided to make an allocation to #crypto<\/a> won\u2019t increase that allocation to buy Ether.<\/p>\n

\u2014 Peter Schiff (@PeterSchiff) 2024. gada 21. maijs<\/a><\/p>\n\n

Not So Fast<\/h2>\n

Before any BTC fans, investors, or HODLers get mad or worried by Schiff\u2019s comments, they should be aware of his past and success rates when it comes down to bashing the asset. He has been criticizing it for years, constantly issuing warnings about potential bubbles and how investors should stay away. Yet, his successful warnings are rare.<\/p>\n

For example, less than a month ago, he used another BTC correction to forecast<\/a> even more pain for the bulls. At the time, BTC had dropped to $63,000 and warned that if bitcoin dumps beneath $60,000, there will be a \u201clong way down.\u201d<\/p>\n

The asset indeed slipped beneath $60,000, but only briefly. Instead of taking that long way down, it bounced off and now trades above $70,000.<\/p>\n

Amats Peter Schiff Doing Peter Schiff Things: Explains How Ethereum ETFs Will Be Bad for Bitcoin<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

The popular gold bug continues with his barrage against bitcoin, but his latest warning came amid times of price resurgence as the cryptocurrency skyrocketed above $70,000. Schiff actually thinks that a lot of bad news will hit BTC if the US Securities and Exchange Commission indeed greenlights spot Ethereum ETFs. Schiff Goes After Bitcoin Again […]<\/p>\n","protected":false},"author":0,"featured_media":1977,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[25,37],"class_list":["post-1976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feeds","tag-bitcoin","tag-ethereum"],"yoast_head":"\nPeter Schiff Doing Peter Schiff Things: Explains How Ethereum ETFs Will Be Bad for Bitcoin - cryptd.in<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptd.in\/lv\/peter-schiff-doing-peter-schiff-things-explains-how-ethereum-etfs-will-be-bad-for-bitcoin\/\" \/>\n<meta property=\"og:locale\" content=\"lv_LV\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Peter Schiff Doing Peter Schiff Things: Explains How Ethereum ETFs Will Be Bad for Bitcoin - cryptd.in\" \/>\n<meta property=\"og:description\" content=\"The popular gold bug continues with his barrage against bitcoin, but his latest warning came amid times of price resurgence as the cryptocurrency skyrocketed above $70,000. 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