Renowned Bitcoin critic and market analyst, Peter Schiff, expressed his pessimism regarding the recent price rally of Bitcoin and altcoins in general. In his view, rallies end when the lowest quality assets join in, and he suggests that there’s nothing of lower quality than crypto.
Peter Schiff and the State of Bitcoin
Schiff’s remarks have triggered some reactions within the crypto community. Despite Schiff’s consistently bearish predictions on BTC, the crypto industry seems to be exploring new territories this season.
In a significant development, the U.S. Securities and Exchange Commission (SEC) approved the 2x Bitcoin Strategy Exchange Traded Fund (ETF), also known as BITX, earlier today. The green light paves the way for the launch of the Volatility Shares ETF on Tuesday, June 27, 2023.
Notably, this ETF has been granted the status of being the first leveraged crypto ETF to receive approval from the SEC.
BlackRock Leads Other Applications for Spot BTC ETF
Stuart Barton, the Chief Investment Officer of the company, clarified that the SEC has not rejected their ETF application yet, hence the firm continues with its Bitcoin ETF launch. According to the ETF application, the Volatility Shares ETF will link to the CME Bitcoin Futures Daily Roll Index. With the Volatility Shares ETF, clients will have Bitcoin exposure at only 50% of the coin’s price.
The news of this leveraged crypto ETF and BlackRock’s spot BTC ETF application have fostered positive sentiments in the crypto sector.
Bitcoin’s price currently stands at its highest point this year, at $31,000. Other ETF applications have been recently submitted by WisdomTree, Valkyrie, Fidelity, Invesco, and Bitwise. All these investment asset management companies are currently awaiting a decision from the SEC.
WisdomTree and Valkyrie had previously applied to the U.S. regulator for a spot BTC ETF, but their applications were rejected at different times. The increased institutional interest in the crypto ecosystem has resulted in a rally in the market prices of cryptocurrencies, particularly Bitcoin.
