• 26 May, 2024
News

Schiff’s Bitcoin Poll Reveals 68% Favor Long-Term Strategy Despite ETF Anticipation

A recent poll conducted by Peter Schiff, a renowned chief economist, asked his large X platform audience of around 983,000 people about their predictions for Bitcoin’s price. The poll asked if a potential Bitcoin “crash” would happen before or after a Bitcoin exchange-traded fund (ETF) launched. Interestingly, a third option was offered – the popular crypto phrase, “Buy and hold till the moon.”

The survey conducted on X Platform showed that of nearly 25,000 participants, 68% preferred the HODL approach. This choice was more popular than the alternatives, with only 23% anticipating a price downturn after the ETF launch and a mere 8% predicting a crash before the much-anticipated event.

Contrary to the findings, Schiff countered with his assessment, stating:

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.

Peter Schiff, often a vocal critic of Bitcoin, has persistently asserted that the digital asset’s value is inevitably headed to zero, in stark contrast to the enduring value of gold. Despite his skepticism, the survey findings suggest a prevailing sentiment among his followers that HODLing remains a steadfast strategy despite potential market upheavals.

Bitcoin has reached its highest trading point in 18 months. Despite this, Schiff is more focused on a significant event that is set to take place soon. The United States will launch its first Bitcoin spot price exchange-traded fund (ETF) in a traditional stock exchange. There are speculations that the ETF’s approval might come early in 2024, with rumors suggesting that there might be a possible green light in November. These rumors have fueled the recent surge in Bitcoin’s price, which surpassed the $37,000 mark last week.

While some in the market anticipate a “sell the news” scenario, where investors reduce exposure once the ETF approval certainty sets in, Schiff suggests that a Bitcoin price correction might not wait for such a watershed moment. The discourse around the ETF approval gains momentum, with Eric Balchunas, a senior ETF analyst at Bloomberg, and James Seyffart expressing heightened confidence in their prediction of spot Bitcoin ETFs securing approval by the end of the year.

Despite Schiff’s skepticism, his following favors the ‘HODL’ strategy as Bitcoin hits 18-month highs. With the U.S. Bitcoin ETF launch imminent, the crypto community faces a crossroads, navigating speculation about a market shift and Schiff’s differing view on a Bitcoin correction.

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