- 1
Blackrock reignited the discussion about BTC EFT. - 2
Peter Schiff posted a poll on X, formerly Twitter, and asked his more than 900K followers: “When will $Bitcoin crash?”
Bitcoin (BTC) Exchange Traded-Funds are one of the hottest trends in the crypto market. The broader crypto community shows a keen interest in the investment vehicle which is highly popular in the traditional finance space. The discussion reignited this year when BlackRock filed for a spot BTC ETF. Amid all this, a crypto analyst asked people when they think the leading cryptocurrency may crash, and the poll brought some interesting insights.
On November 9, 2023, chief economist Peter Schiff posted a poll on X, formerly Twitter, and asked his more than 900K followers: “When will $Bitcoin crash?”
Among the options, he asked if a BTC crash could happen “before the ETF launch”, or after it, or if the followers would prefer to buy BTC and HODL it for long. Until the final results, 24,599 people participated in the polls and voted for their preferred option.
Though a majority went for the long-term holding of Bitcoin, about 23% think that the crypto will crash after the launch while about 9% of participants think the crash could take place before the ETF launch.
The results, however, were not what Schiff expected it to be and hence he later presented his own opinion. He brought a contradicting argument and stated that he thought BTC could crash prior to the spot ETF launch.
“That is why the people who bought the rumor won’t profit if they wait for the fact to sell,” he added.
Bitcoin ETF Frenzy Scaling Up With Time
Analysts are watching over the development of spot Bitcoin ETFs and are assured of the approval. Recently analysts at Bloomberg reportedly stated that there is a 75% chance that ETFs will get approved in the United States.
Senior ETF analyst at Bloomberg, Erc Balchunas went on to X and posted that he along with fellow analyst James Seyffart is optimistic about the prediction that spot Bitcoin ETFs will get approval by 2023 end.
The recent legal proceedings in favor of ETFs were the reason behind supporting the launch soon. For instance, Grayscale’s win over the United States regulator Securities and Exchange Commission (SEC) also pushed confidence. Following the defeat, the regulator was mandated to review the application and hence gave a ray of hope that the long-awaited spot Bitcoin ETF may see approval soon.
Bloomberg ETF analysts are bullish on ETF approvals given the recent wins and stated that there are 75% odds that the launch could take place this year.
Source: https://www.thecoinrepublic.com/2023/11/13/community-thinks-bitcoin-might-crash-after-etf-analysts-disagree/