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RippleCast: Tales of the Liquid Currents

Martin Walker
Oct 29, 2023 at 02:45 pm

The price of Bitcoin has experienced a rather remarkable surge, akin to a shooting star, this month, briefly touching the $35,000 mark. However, amidst the ebullient excitement surrounding the tantalizing prospect of the SEC granting its approval for a Bitcoin ETF, the crypto exchanges have seen a significant influx of exuberant Bitcoin sales.

Yet, in the midst of this crypto frenzy, one might find it interesting to turn to the renowned "Dr. Doom," a moniker humorously ascribed to Peter Schiff by the CNBC audience during the infamous housing bubble.

Peter Schiff's Unimpressed Stance on Bitcoin's Recent Rally

Schiff has recently shared his skepticism regarding the longevity of the Bitcoin ETF rally, suggesting that a final nod of approval from the SEC could well serve as the swan song for this exuberant run. In his view, once BTC secures the green light for an ETF product, the momentum that has been propelling this rally might begin to fizzle out.

Furthermore, he has astutely pointed out the potential scenario in which cryptocurrency traders, sensing the impending SEC approval, might opt to cash in and reap their profits before the official nod is granted. In a tweet posted on the now somewhat antiquated social media platform formerly known as Twitter, Schiff pondered:

"#Bitcoin is currently trading at $35K, with speculators placing their bets on SEC approval for $GBTC's transformation into an ETF. It is quite likely that this impending approval could be the zenith of the current rally, unless Bitcoin experiences a significant sell-off prior to gaining SEC's blessing. In the event of yet another rejection of the ETF conversion, the resulting sell-off might be somewhat less severe."

Only the sands of time will reveal the accuracy of his predictions. Notably, Bitcoin's value soared in the 48 hours following Schiff's tweet.

It All Hangs in the Balance of the SEC's Next Move

Intriguingly, Schiff posits that an additional rejection by the Securities and Exchange Commission could paradoxically provide a modicum of short-term support for the Bitcoin price.

One could conjecture that he envisions a scenario in which some ardent Bitcoin supporters, displaying a certain resilience in the face of adversity, might continue to hold onto their holdings, unwavering in their belief that another rally will materialize either in anticipation of or following an eventual SEC approval.

In response to an inquiry in the ensuing conversation thread that asked, "How much Bitcoin do you own?" Peter Schiff provided a succinct reply, stating, "None."

Read more: Crypto Chronicles: Market Movements and Beyond

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