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Peter Schiff Makes Bold Prediction on Bitcoin Crash Timing

2 mins
Updated by Kyle Baird
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In Brief

  • Peter Schiff polls his followers on the potential of a Bitcoin crash, focusing on pre or post launch of a Bitcoin ETF.
  • Despite his followers leaning towards a post-ETF launch crash, Schiff disagrees and predicts a crash before the ETF launch.
  • Amidst speculation on Bitcoin's future, recent reports highlight a significant price surge, crossing the $36K mark.
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Chief economist Peter Schiff polled his 983,000 social media followers, asking them when they think the price of Bitcoin will experience a crash.

However, Schiff expressed disagreement with the results provided by his followers.

Peter Schiff Contradicts Followers on Timing of Bitcoin Crash

Schiff directly questioned his followers about whether the Bitcoin crash would occur before or after the launch of a Bitcoin exchange-traded fund (ETF). The results leaned towards post-launch, with 23%, in contrast to 8% predicting it would happen before the launch.

However, Schiff contradicted the results and offered his own judgment:

“Based on the results my guess is that Bitcoin crashes before the ETF launch. That is why the people who bought the rumor won’t actually profit if they wait for the fact to sell.”

Learn more: How To Prepare for a Bitcoin ETF: A Step-by-Step Approach

However, 68.1% clicked the impartial third option, “Buy and HODL till the moon.” One X user stated:

“I would say that based on your results 70% of your followers hold Bitcoin that should tell you something.”

Bitcoin ETF Approval Hopes Fuel Speculation

Several recent reports highlight Bitcoin’s notable price surge amid the anticipation of forthcoming Bitcoin ETF approval.

On November 9, BeInCrypto reported that Bitcoin crossed the $36,000 mark. This level has not been seen since it fell below it in May 2022.

Bitcoin BTC Price Chart. Source: BeInCrypto
Bitcoin BTC Price Chart. Source: BeInCrypto

Meanwhile, two Bloomberg analysts confidently asserted a 75% likelihood of Bitcoin ETFs being approved in the United States this year.

In a post on X (formerly Twitter), Eric Balchunas, a senior ETF analyst at Bloomberg, declares heightened confidence alongside James Seyffart regarding their prediction of spot Bitcoin ETFs securing approval this year:

“[James Seyffart] and I are upping our odds to 75% of spot Bitcoin ETFs launching this [year].”

Learn more: How To Buy Bitcoin (BTC) and Everything You Need To Know

Top crypto platforms in the US | February 2024



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Ciaran Lyons
Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. He has also appeared across major television networks in Australia including Channel Ten, Channel Nine and SBS TV. Prior to his foray into cryptocurrency, Ciaran worked as a presenter on national radio station Triple J.