It is understood that Bitcoin will be seeing a pretty serious price drawdown before a key date for the institutional investors dawns, as mentioned by Peter Schiff, a gold bug. In a recent activity that took place on X, the longtime skeptic of the cryptocurrency sounded the alarms over the recent price gains of the cryptocurrency. Interestingly, BTC has always been quite a favored topic of criticism for the gold bug, who is also the chief economist and global strategist at the asset management firm Euro Pacific Asset Management.
Over the years, the economist has made it a point to repeatedly assert that, unlike gold, the value of BTC is destined to return to a value of zero, and that no one would, in fact, wish to hold it except in order to sell it for a higher price later.
Bitcoin Could End Up With A Value Of Zero
Now, with the exchange circling a high of 18 months, Schiff has turned his attention to what others do consider to be a watershed moment for the cryptocurrency- which is the launch of the first Bitcoin spot price exchange-traded fund in the country. Approval for the same is considered to be due in the early part of the next year, while rumors about a green light could be coming in November- one that has been considered to have fueled the ascent of the previous week past a sum of $37,000.
While some do believe that the announcement will be a sell-the-news event- one where the investors would be reducing the exposure once the certainty over the ETF hits, for Schiff, a price comedown for the cryptocurrency may not even be waiting for that.
In a survey made on X on the 9th of November, he ended up offering two completely different scenarios for a crash of Bitcoin- before and after the launch of the ETF. Alternatively, respondents would be able to choose Buy and HODL till the Moon, which ended up becoming the most popular choice with around 68% of the nearly 25,000 votes.