Bitcoin (BTC) Price Rally to End With a Spot Bitcoin ETF Approval: Peter Schiff

Bitcoin price surged in a breakout rally to briefly touch $35,000 this month. But Euro Pacific Capital’s founder and chief global strategist doesn’t think it will last.

But leave it to “Dr. Doom” to balk at Bitcoin’s sudden change of fortunes.Schiff recently remarked that a final SEC approval will end Bitcoin’s spot ETF rally. The EuroPac chief says once BTC is actually approved for a spot ETF product, the rally will lose steam. #Bitcoin is now trading at $35K as speculators bet on SEC approval of $GBTC converting into an ETF. Such a conversation will likely mark the top of the rally, if Bitcoin doesn’t sell off prior to approval. The selloff will be less severe if the ETF conversion is rejected again.”

It sounds like he’s conjecturing some Bitcoin bulls will hold their bags despite bad news of a rejection. They would be holding out on expectations of another rally preceding or following an SEC approval.

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