Will Bitcoin Crash Before the Launch of a Physical ETF? Predictions by Peter Schiff

Dive into the conflicting views on Bitcoin's trajectory, from Peter Schiff's prediction of a pre-ETF crash to industry leaders' optimism about future growth.

Will the anticipated physical ETF launch bring a boom or a bust for Bitcoin?

Survey on the Timing of Bitcoin's Crash

Bitcoin (BTC) has been experiencing a price increase due to anticipation of the 2024 halving and the launch of a physical Bitcoin ETF.

However, Peter Schiff, a well-known Bitcoin skeptic and gold supporter, predicts a crash in Bitcoin prices before the ETF launch.

This prediction follows a survey conducted by Schiff on November 10, 2023, asking "When will Bitcoin crash?"

The survey garnered a total of 24,599 responses. Some respondents believe that Bitcoin's price will plummet around the time of the ETF launch, with 8.9% predicting a crash before the launch and 23% after.

The overwhelming majority, 68.1%, responded that they would continue to buy and hold Bitcoin regardless of the ETF launch.

Despite this, Schiff maintains that "Bitcoin will crash before the ETF launch" and comments that "one cannot profit if they buy on rumors and sell on facts."

Other Predictions Regarding the Physical Bitcoin ETF

The physical Bitcoin ETF has not yet been approved, but the cryptocurrency industry is abuzz with predictions of its imminent approval, expected between November 2023 and January 2024.

Michael Novogratz, founder and CEO of the major cryptocurrency asset management firm Galaxy Digital, believes that the physical Bitcoin ETF will be approved within 2023.

Galaxy Digital also anticipates that the ETF could lead to an influx of assets worth billions of dollars.

While Schiff predicts a crash before the ETF launch, other experts, considering the halving effect, forecast a further rise in BTC prices in 2024.

Michael Saylor of MicroStrategy suggests that the BTC price could potentially increase tenfold in the future.