{"id":556772,"date":"2023-10-24T13:00:19","date_gmt":"2023-10-24T13:00:19","guid":{"rendered":"https:\/\/wncen.com\/?p=556772"},"modified":"2024-06-11T08:43:30","modified_gmt":"2024-06-11T08:43:30","slug":"peter-schiff-spot-bitcoin-etfs","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/peter-schiff-spot-bitcoin-etfs\/","title":{"rendered":"Economist Peter Schiff Raises Concerns About Spot Bitcoin ETFs"},"content":{"rendered":"

The possibility of spot Bitcoin ETF approval by the US SEC has caused excitement in the crypto space as investors gear up for a Bitcoin bullish trend. However, not all voices are convinced of the innovative changes of Bitcoin ETFs, as a prominent economist has cautioned about the potential risks associated with Bitcoin ETFs\u00a0<\/span><\/p>\n

Schiff Says Bitcoin ETF Selling Risks Ahead<\/h2>\n

Chief Economist and Bitcoin critic, <\/span>Peter Schiff<\/span><\/a> has aired his concerns about Spot Bitcoin ETFs public in an X (formerly Twitter) <\/span>post<\/span><\/a> released on Monday.\u00a0<\/span><\/p>\n

Schiff stated that the crypto market is presently filled with many speculators who are purchasing Bitcoin, in the hopes of capitalizing on the potential influx of investors following the possible <\/span>approval of spot Bitcoin ETF<\/span><\/a> by the United States Securities and Exchange Commission (SEC).\u00a0<\/span><\/p>\n

Related Reading: Analyst Predicts Bullish Bitcoin Price Rally To $41,000, Here\u2019s When<\/a><\/div>\n

In his counter-narrative statement, Schiff revealed that there may be significantly more sellers than buyers of Bitcoin who are also eagerly waiting for <\/span>Bitcoin ETFs<\/span><\/a> to become a reality. This narrative may become an issue for many Bitcoin investors, because if Bitcoin holders decide to take advantage of the soaring prices and sell their reserved Bitcoin, it may lead to a sudden and sharp correction.\u00a0<\/span><\/p>\n

\u201cSpeculators are buying Bitcoin now because they think other speculators are waiting to buy a Bitcoin ETF. They will soon discover that there are far more speculators waiting to sell than waiting to buy,\u201d Schiff stated.\u00a0<\/span><\/p>\n

The remarks made by Schiff have sparked opposing arguments and views within the crypto community. Many people see a positive impact on <\/span>Bitcoin price<\/span><\/a> pushing investors to buy more Bitcoin following the potential approval of spot Bitcoin ETFs.\u00a0<\/span><\/p>\n

\u201cThe average number of people that own crypto globally is estimated to be around 420 million, which represents about 5% of the world’s population. Which can also mean 5% speculators waiting to sell and 95% speculators still haven\u2019t entered,\u201d crypto community member, Jeysuhn <\/span>stated<\/span><\/a>.\u00a0<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC price surge as spot bitcoin etf sentiment grows | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Lawyer Foresees ETF Approval By Year\u2019s End<\/h2>\n
A pro-XRP lawyer and blockchain enthusiast, <\/span>John E Deaton<\/span><\/a> took to <\/span>X<\/span><\/a> on Monday to disclose his insights on the present situation concerning the approval of spot Bitcoin ETFs by the U.S. SEC.\u00a0<\/span><\/p>\n
Deaton predicted that the US SEC would approve spot Bitcoin ETFs before the end of 2023 or at least before the end of Q1 2024. The lawyer stated that the <\/span>US SEC<\/span><\/a> is currently compiling more information to put forward a different reason for denying Bitcoin ETFs.\u00a0<\/span><\/p>\n
Related Reading: Solana Remains Institutional Investor Darling As Inflows Continue<\/a><\/div>\n
Presently, the <\/span>official listing<\/span><\/a> of <\/span>Blackrock\u2019s<\/span><\/a> iShares Bitcoin Trust on Depository Trust and Clearing Corporation (DTCC), an American post-trade financial service company has been one of the many reasons for the recent uptick in the price of Bitcoin.<\/span><\/p>\n
At the time of writing, Bitcoin is trading approximately at $34,424 after soaring past $35,000 at one point on Monday. The cryptocurrency has hit new monthly highs and may continue rising as <\/span>Bitcoin ETF excitement <\/span><\/a>builds.\u00a0<\/span><\/p>\n
Featured image from Swissborg, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The possibility of spot Bitcoin ETF approval by the US SEC has caused excitement in the crypto space as investors gear up for a Bitcoin bullish trend. However, not all voices are convinced of the innovative changes of Bitcoin ETFs, as a prominent economist has cautioned about the potential risks associated with Bitcoin ETFs\u00a0 Schiff Says Bitcoin ETF Selling Risks Ahead Chief Economist and Bitcoin critic, Peter Schiff has aired his concerns about Spot Bitcoin ETFs public in an X (formerly Twitter) post released on Monday.\u00a0 Schiff stated that the crypto market is presently filled with many speculators who are purchasing Bitcoin, in the hopes of capitalizing on the potential influx of investors following the possible approval of spot Bitcoin ETF by the United States Securities and Exchange Commission (SEC).\u00a0 Related Reading: Analyst Predicts Bullish Bitcoin Price Rally To $41,000, Here\u2019s When In his counter-narrative statement, Schiff revealed that there may be significantly more sellers than buyers of Bitcoin who are also eagerly waiting for Bitcoin ETFs to become a reality. This narrative may become an issue for many Bitcoin investors, because if Bitcoin holders decide to take advantage of the soaring prices and sell their reserved Bitcoin, it may lead to a sudden and sharp correction.\u00a0 \u201cSpeculators are buying Bitcoin now because they think other speculators are waiting to buy a Bitcoin ETF. They will soon discover that there are far more speculators waiting to sell than waiting to buy,\u201d Schiff stated.\u00a0 The remarks made by Schiff have sparked opposing arguments and views within the crypto community. Many people see a positive impact on Bitcoin price pushing investors to buy more Bitcoin following the potential approval of spot Bitcoin ETFs.\u00a0 \u201cThe average number of people that own crypto globally is estimated to be around 420 million, which represents about 5% of the world’s population. Which can also mean 5% speculators waiting to sell and 95% speculators still haven\u2019t entered,\u201d crypto community member, Jeysuhn stated.\u00a0 BTC price surge as spot bitcoin etf sentiment grows | Source: BTCUSD on Tradingview.com Lawyer Foresees ETF Approval By Year\u2019s End A pro-XRP lawyer and blockchain enthusiast, John E Deaton took to X on Monday to disclose his insights on the present situation concerning the approval of spot Bitcoin ETFs by the U.S. SEC.\u00a0 Deaton predicted that the US SEC would approve spot Bitcoin ETFs before the end of 2023 or at least before the end of Q1 2024. The lawyer stated that the US SEC is currently compiling more information to put forward a different reason for denying Bitcoin ETFs.\u00a0 Related Reading: Solana Remains Institutional Investor Darling As Inflows Continue Presently, the official listing of Blackrock\u2019s iShares Bitcoin Trust on Depository Trust and Clearing Corporation (DTCC), an American post-trade financial service company has been one of the many reasons for the recent uptick in the price of Bitcoin. At the time of writing, Bitcoin is trading approximately at $34,424 after soaring past $35,000 at one point on Monday. The cryptocurrency has hit new monthly highs and may continue rising as Bitcoin ETF excitement builds.\u00a0 Featured image from Swissborg, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":556784,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,89462,1119,1122,1144,78790],"class_list":["post-556772","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-price-performance","tag-btc","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nEconomist Peter Schiff Raises Concerns About Spot Bitcoin ETFs<\/title>\n<meta name=\"description\" content=\"The possibility of spot Bitcoin ETF approval by the US SEC has caused excitement as investors gear up for a 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Economist Peter Schiff Raises Concerns About Spot Bitcoin ETFs","url":"http:\/\/wncen.com\/news\/peter-schiff-spot-bitcoin-etfs\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/peter-schiff-spot-bitcoin-etfs\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Spot-Bitcoin-ETF-Small.jpeg?resize=200%2C160","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Spot-Bitcoin-ETF-Small.jpeg?fit=320%2C160"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","bitcoin price performance","btc","btc price","btcusd","btcusdt"],"dateCreated":"2023-10-24T13:00:19Z","datePublished":"2023-10-24T13:00:19Z","dateModified":"2024-06-11T08:43:30Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Economist Peter Schiff Raises Concerns About Spot Bitcoin ETFs\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/peter-schiff-spot-bitcoin-etfs\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/peter-schiff-spot-bitcoin-etfs\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Spot-Bitcoin-ETF-Small.jpeg?resize=200%2C160\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Spot-Bitcoin-ETF-Small.jpeg?fit=320%2C160\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"bitcoin price performance\",\"btc\",\"btc price\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2023-10-24T13:00:19Z\",\"datePublished\":\"2023-10-24T13:00:19Z\",\"dateModified\":\"2024-06-11T08:43:30Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Spot-Bitcoin-ETF-Small.jpeg?fit=320%2C160","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/556772"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=556772"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/556772\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/556784"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=556772"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=556772"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=556772"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}