Peter Schiff, a well-known critic of Bitcoin, has shifted his focus to Ethereum. Schiff believes that if the US Securities and Exchange Commission (SEC) approves spot Ethereum ETFs, it could have negative implications for Bitcoin.
Despite Bitcoin’s recent price recovery, with the cryptocurrency surpassing $70,000, Schiff continues to express skepticism towards it. At the same time, Ethereum has crossed $3,700 and is currently trading at $3,744.53. This represents a 19.4% increase from the previous day and a 29.5% increase from a week ago.
Schiff, who has consistently criticized Bitcoin, has now raised concerns about the potential approval of Ethereum ETFs. Spot ETFs have gained prominence in the crypto industry this year, following the SEC’s approval of several Bitcoin products in January. This marks a significant shift after years of rejecting or delaying ETF applications.
While other countries have taken similar actions, the focus remains on the US market, making the SEC’s decision crucial. As the second-largest cryptocurrency by market cap, Ethereum is at the forefront of this trend. However, the Commission has delayed deciding on several Ethereum ETF applications, and the chances of approval in the near future are relatively low.
But yesterday, Bloomberg’s ETF experts significantly increased their prediction approval percentages for May from 25% to 75%. This sudden turn of events caused a rapid surge in Ethereum’s price, reaching a multi-week high of over $3,800. Bitcoin also experienced a significant increase, rising from under $67,000 to around $72,000.
Despite Schiff’s warnings, traders and investors are reminding him of his limited success in criticizing Bitcoin. One trader pointed out that Ethereum’s price goes up because of Bitcoin, not the other way around. Another trader mentioned that the recent pump in prices was due to the end of the 90-day pause on trading new Bitcoin ETFs and the liquidation of shorts.
Meanwhile, Ethereum investors are reaping profits, with 90% of market players currently holding ETH in a profitable position. This trend has been observed since the recent Dencun update, and analysts predict that if the ETFs are approved, Ethereum could reach $4,000, inching closer to its all-time high of $4,891.
In conclusion, Peter Schiff’s attention has shifted from Bitcoin to Ethereum, raising concerns about the potential approval of Ethereum ETFs. However, traders and investors are reminding him of his limited success in criticizing Bitcoin, while Ethereum investors continue to profit from the recent price surge.