Cardano founder Charles Hoskinson has commented on Peter Schiff’s early derision of the hype surrounding a potential spot Bitcoin ETF approval in the US.
Peter Schiff, one of the most consistent and vocal critics of Bitcoin (BTC), took to X to warn crypto investors about building up undue expectations over the anticipated spot Bitcoin ETF product.
Notably, his comment does not discount the chances of securing approval from the United States Securities and Exchange Commission (SEC).
Responding to Schiff, Charles Hoskinson pointed out how early the Bitcoin critic started this year.
Peter Schiff and Community Response
In his post, Peter Schiff advised Bitcoiners to be careful what they wish for concerning the Bitcoin ETF. He noted that the anticipation of a potential approval of a spot Bitcoin ETF by the SEC has been driving the coin’s price and speculative demand for years.
Be careful what you wish for. The promise of a U.S. listed spot #BitcoinETF has been supporting the #Bitcoin price and speculative demand for years. Once the ETFs are launched and the highly anticipated institutional and other new investor demand does not show up, look out below!
— Peter Schiff (@PeterSchiff) January 2, 2024
He said investors will need to “look out below” when the ETFs launch and the highly anticipated institutional demand fails to materialize as projected. While his words are more like a call to properly manage risk appropriately, members of Crypto X slammed Schiff for his negativity.
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One user @BTCCronus urged Peter Schiff to “go get some rest” as he “must be exhausted from being wrong so often.” In response, Peter Schiff said he has gotten a second wind, a phrase that possibly implies he is not backing down from his crypto criticisms any time soon.
To further reiterate his stance, Peter Schiff said in a follow-up comment that a spot Bitcoin ETF is not needed, as investors can already buy and store BTC for free. He advocated buying Gold ETF instead.
Bitcoin ETF Anticipation Grows
With the majority of Bitcoin ETF applicants beating the SEC’s deadline to submit amendments to their respective S-1 filings as of December 29, 2023, about 12 are now in the waiting period for a final decision from the market regulator.
The approval odds remain at 90%, according to Bloomberg Analysts Eric Balchunas and James Seyffart. However, there are also visible uncertainties that might make the SEC extend the potential approval deadline.
Amid the wait, Gabor Gurbacs, a strategic advisor to Tether and VanEck noted that the industry is overestimating the initial impact of a Bitcoin ETF and under-estimating its longer term impact.
He predicted that the funds may record about $100 million inflow at first but in the long term, it might print an impressive lead just like Gold did historically.
The hype has nonetheless helped push up the price of Bitcoin since the start of the year. At the time of writing, Bitcoin is up by 0.58% to $45,061.42 according to CoinMarketCap’s data. Market capitalization and trading volume comes in at $882,502,164,017 and $30,795,978,398 respectively.