The long-time Gold proponent and anti-Bitcoin influencer, Peter Schiff, is catching flak from his own followers.
Coverage:
Peter Schiff Makes A Poll For “Bitcoin Crash”
Peter Schiff has been known for spilling vitriol against Bitcoin and attacking the coin at every corner. Peter owns a business that provides Gold sales and custody services.
In a recent X post, Peter made a poll for his fans to decide whether Bitcoin would crash before a Bitcoin spot ETF is approved. The US SEC has been deliberating on a number of spot ETF applications tabled by close to 10 entities, among them Black Rock, Wisdom Tree, and Fidelity.
As a Gold bug, it’s obvious what Peter Schiff expected his loyal followers to do. Did it happen?
The Results
It turns out that Peter’s followers aren’t as controllable as he thought they were. Either that, or they aren’t really buying his anti-BTC selling points. The final results of the poll reveals that the majority (close to 70%) want to hodl Bitcoin till the moon.
Of the 24,599 people involved in the poll, 23% think BTC will crash before an ETF goes live while a 8.9% think it will happen before. These two anti-Bitcoin camp are obviously Peter Schiff’s supporters and fellow Gold bugs.
At the time of this writing, Bitcoin has broken the $37k barrier and is still rallying upwards. The coin has managed to score a ROI of over 120% since the start of the year. Analysts and traders expect the rally to continue in anticipation of the coming halving event in April 2024 as well as a 90% chance of approval of a spot ETF.
Peter Skews Things To His Own End
While the results showed a clear 68% of Bitcoin hodlers rooting for Bitcoin to stay strong, Peter’s personal conclusion seems to override this fact. According to him, the “results” show that Bitcoin will crash before an ETF is launched.
Understanding Peter Schiff
The fact that a Gold supporter keeps attacking Bitcoin means that he sees BTC as a threat to the status quo. Peter is this camp that wishes for Gold to remain dominant over every other asset on Earth, and he has high stakes in it.
For decades, Gold has been the ultimate go-to asset for those who want to preserve the value of their wealth over the long term. Now that Bitcoin has emerged and has been embraced as a new, much easier-to-handle store of value asset, it’s quite natural that Gold bugs like Peter Schiff would feel threatened.
