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Bitcoin price surged in a breakout rally to briefly touch $35,000 this month. But Euro Pacific Capital\u2019s founder and chief global strategist doesn\u2019t think it will last.<\/p>\n
This month saw the ever-widening buzz surrounding a hotly anticipated approval by the SEC of a spot Bitcoin ETF. The excitement has pushed<\/a> blowout Bitcoin sales on crypto exchanges.<\/p>\n But leave it to \u201cDr. Doom\u201d (as Peter Schiff was nicknamed by the CNBC crowd during the housing bubble) to balk at Bitcoin\u2019s sudden change of fortunes.<\/p>\n Schiff recently remarked that a final SEC approval will end Bitcoin\u2019s spot ETF rally. The EuroPac chief says once BTC is actually approved for a spot ETF product, the rally will lose steam.<\/p>\n He also noted the possibility that cryptocurrency traders could begin to sell off and take profits before any forthcoming SEC approval. In an X post on the popular social media website formerly known as Twitter, Schiff wrote<\/a>:<\/p>\n #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\u2019t sell off prior to approval. The selloff will be less severe if the ETF conversion is rejected again.\u201d<\/p>\n<\/blockquote>\n Time will tell if he\u2019s right. Bitcoin price went parabolic in the 48 hours after Schiff tweeted this.<\/p>\n Interestingly, Schiff reasons that another rejection by the Securities and Exchange Commission would offer some support for the Bitcoin price in the short term.<\/p>\n It sounds like he\u2019s 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.<\/p>\n In response to a question on the ensuing X thread: \u201cHow much Bitcoin do you own,\u201d Peter Schiff answered, \u201cNone.\u201d<\/p>\nPeter Schiff Isn\u2019t Impressed with Bitcoin\u2019s Rally<\/h2>\n
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It All Hinges on What the SEC Does Next<\/h2>\n
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