- According to Matrixport, the first spot Bitcoin ETF is unlikely to be authorized until Q4 2024.
- Schiff has always been skeptical of Bitcoin and has wrongly forecast its downfall earlier.
Popular Bitcoin critic and gold advocate Peter Schiff has cautioned BTC supporters to be wary of getting their hopes up in the face of mixed reactions to the prospect of the first spot Bitcoin ETF in the U.S.
The potential disastrous effect of spot Bitcoin ETFs on the price of BTC was expressed by Schiff in a tweet. The prospect of a spot Bitcoin ETF listed in the United States has, according to Schiff, kept the price of Bitcoin and speculative demand high for a long time. If the expected institutional demand for Bitcoin does not materialize, the establishment of an ETF might lead to a precipitous decline in its price.
Decision by the SEC Awaited
Schiff has always been skeptical of Bitcoin and has wrongly forecast its downfall on several occasions. He was inundated with replies from Bitcoin advocates who argued that a spot Bitcoin ETF would simply serve to boost the BTC market, similar to how gold ETFs did not reduce demand for physical gold.
According to data-centric consulting company Matrixport, Bitcoin supporters may have to be patient for the first U.S. Bitcoin ETF to launch. Prior to the final deadline on January 10, the business forecasted that the majority of spot Bitcoin ETF applications will be rejected by the SEC.
Many ETF experts have projected a 90% possibility of approval before the Jan. 10 deadline, but the most recent forecast from Matrixport shows a contrasting picture.
Despite several meetings between ETF applicants and SEC staff, Matrixport claims that all applications fail to fulfill a fundamental condition that must be satisfied before the SEC approves. According to Matrixport, the first spot Bitcoin ETF is unlikely to be authorized until the second quarter of 2024.
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