Investors in the cryptocurrency market are getting ready to ride a Bitcoin-positive trend on the back of the chance that the US Securities and Exchange Commission would approve a spot Bitcoin ETF.
Peter Schiff, chief economist at Bitmain and an outspoken opponent of Bitcoin, used X (previously Twitter) to express his grievances over Spot Bitcoin ETFs on Monday.
Schiff’s counter-narrative comment implied that there may be far more Bitcoin sellers than purchasers waiting for Bitcoin ETFs to be implemented. For many Bitcoin investors, this storyline might become problematic if Bitcoin holders seek to cash in on the rising prices by selling their reserved Bitcoin.
Some investors are purchasing Bitcoin now on the expectation that other investors will follow suit once an exchange-traded fund (ETF) for Bitcoin becomes available.
Schiff’s comments have provoked heated debate and divergent opinions among crypto experts. The probable approval of spot Bitcoin ETFs is expected to have a beneficial effect on Bitcoin pricing, leading many to believe that investors would purchase more Bitcoin as a result.
There are around 420 million cryptocurrency holders worldwide, or roughly 5% of the total population. According to Jeysuhn, a member of the cryptocurrency community, this might also suggest that 95% of speculators have yet to join the market.
On Monday, John E. Deaton, an attorney who supports XRP and a blockchain enthusiast, went to X to share his thoughts on the current scenario surrounding the approval of spot Bitcoin ETFs by the U.S. SEC.
Before the end of 2023, or at the latest by the end of Q1 2024, Deaton expected that the US SEC would authorize spot Bitcoin ETFs. The attorney said that the US SEC is gathering more data in order to provide an alternative justification for rejecting Bitcoin ETFs.
A recent increase in Bitcoin’s value may in part be attributed to the fact that the iShares Bitcoin Trust, created by Blackrock, has just been officially listed on the DTCC, an American post-trade financial service business.
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