• 11 months ago
Prominent Bitcoin critic and gold proponent Peter Schiff warned that approval of a spot Bitcoin ETF in the US could crash the price of BTC if anticipated institutional demand does not materialize. Schiff said the promise of a US-listed spot BTC ETF has supported the price for years, so its approval could collapse the market. Data firm Matrixpoint predicts the SEC is unlikely to approve any spot BTC ETF applications before the January 10th deadline.
Transcript
00:00 It's Benzinga and here's what's on the block. Prominent Bitcoin critic and gold proponent
00:04 Peter Schiff warned that approval of a spot Bitcoin ETF from the US could crash the price
00:08 of Bitcoin if anticipated institutional demand doesn't materialize. Schiff said the promise of
00:13 a US-listed spot Bitcoin ETF has supported the price for years, so its approval could collapse
00:18 the market. Data firm MatrixPoint predicts the SEC is unlikely to approve any spot VTC ETF
00:24 applications before the January 10 deadline. It says applications currently fall short of
00:28 meeting a key requirement and approval is unlikely before the second quarter of 2024.
00:33 Market optimism for approval is fading as the deadline nears,
00:36 as shown by weakness in crypto mining stocks. For all things money visit Benzinga.com

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