• Peter Schiff warns that the potential approval of Ethereum ETFs by the SEC will be bad for Bitcoin
• Schiff is known for constantly criticizing Bitcoin, often issuing warnings about potential bubbles and advising investors to stay away
• Despite Schiff’s warnings, Bitcoin has continued to rally, recently surging above $70,000 amid speculation of Ethereum ETF approvals
The popular gold bug Peter Schiff has once again gone after Bitcoin, this time claiming that a potential approval of Ethereum ETFs by the SEC could actually be bad news for the largest cryptocurrency.
Schiff’s Stance Against Bitcoin
Schiff has been criticizing Bitcoin for years, constantly issuing warnings about potential bubbles and urging investors to stay away. However, his successful warnings have been rare.
For example, less than a month ago he forecasted more pain for Bitcoin bulls when BTC had dropped to $63,000, warning that “if bitcoin dumps beneath $60,000 there will be a long way down.”
Yet instead of taking that supposed long way down, Bitcoin bounced off and now trades above $70,000.
Ethereum ETF Speculation
The speculation around SEC approval for Ethereum ETFs grew this week after Bloomberg’s ETF experts raised their prediction approval percentages for May from 25% to 75%.
In a matter of minutes, Ethereum’s price exploded by 10% and later 20%, hitting a multi-week high of over $3,800. Bitcoin’s price also surged from under $67,000 to around $72,000.
Schiff’s Latest Warning
Amidst the renewed bullish sentiment, Schiff poured cold water on Bitcoin holders, indicating that Ethereum ETF approval could actually bring bad news for the largest cryptocurrency.
However, given Schiff’s poor track record with such warnings, Bitcoin investors are unlikely to be too concerned. The long-time crypto critic has repeatedly forecasted crashes that never materialized.
Conclusion
While Schiff’s warnings may spook some new crypto investors, most industry veterans have learned to take his overly bearish prognostications with a grain of salt. Unless his predictions are supported by compelling evidence and sound reasoning, they’re unlikely to move the market.
