Gold-supporting economist Peter Schiff, known for his anti-Bitcoin and cryptocurrency statements, talked about Bitcoin's latest rally in his statement.
During the rally, BTC price reached the $ 38,000 limit during the day. However, after the news that BlackRock would apply for a spot Ethereum ETF, the ETH price exceeded $ 2,000. As of this writing, BlackRock's ETH ETF application has been finalized and the ETH price is trading at $2,100.
Speaking about the subsequent rally in Bitcoin, Schiff claimed that the rise towards $38,000 was due to speculators trying to take positions before the Bitcoin Spot ETF was approved by the SEC.
However, he argues that after the approval of the Schiff ETF, all speculators will have already purchased BTC. Therefore, according to Schiff, after the approval, there will not be many people who want to buy the ETF with the decline that will occur as these speculators want to sell profits.
Schiff, who is known for his sharp statements to attract attention, placed a warning next to his post saying “be prepared for the collapse”, referring to BTC. However, BTC price has gained more than 30% in the last month.
*Not investment advice