Chief economist Peter Schiff surveyed his 983,000 social media followers and asked them when they think the price of Bitcoin will crash.
However, Schiff expressed dissatisfaction with his supporters’ results.
Peter Schiff disagrees with his followers about the timing of the Bitcoin crash
Schiff directly asked his followers whether the Bitcoin crash would occur before or after the launch of a Bitcoin exchange-traded fund (ETF). The results were more post-launch: 23% predicted this would happen before launch, while 8% expected it to happen.
However, Schiff disagreed with the results and gave his own verdict:
“Based on the results, I expect Bitcoin to crash before the ETF launch. Therefore, the people who bought the rumor will not really benefit if they wait for the fact to be sold.”
Learn more: How to Prepare for a Bitcoin ETF: A Step-by-Step Approach
However, 68.1% clicked on the unrelated third option, “Buy and HODL to the moon.” One X user stated:
“I would say based on your results that 70% of your followers own Bitcoin, which should tell you something.”
Bitcoin ETF approval hopes to fuel speculation
Several recent reports highlight Bitcoin’s notable price rise amid anticipation of an impending Bitcoin ETF approval.
On November 9, BeInCrypto reported that Bitcoin surpassed $36,000. This level has not been reached since it fell below in May 2022.
Bitcoin BTC price chart. Source: BeInCrypto
Meanwhile, two Bloomberg analysts confidently said there is a 75% chance of Bitcoin ETFs being approved in the US this year.
In a post on
“[James Seyffart] and I increase our odds to 75% of spot Bitcoin ETFs launching this [year].”
Learn more: How to buy Bitcoin (BTC) and everything you need to know
Disclaimer
In accordance with Trust Project guidelines, BeInCrypto is committed to unbiased and transparent reporting. The aim of this news article is to provide accurate and up-to-date information. However, readers are advised to independently verify the facts and consult a professional before making any decisions based on this content.
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