Global Economist claims Bitcoin ETF will badly crash Bitcoin & Microstrategy (MSTR) stock

On Apr 14, 2024

Former CIA agent Edward Joseph Snowden supports Bitcoin despite 10% volatility in the trade price, following tensions around Israel vs Iran.

Joseph said that a week ago Bitcoin was trading at the same price and the volatility in the trade price is almost neutral over the last week’s trade price.

> see crypto people freaking out over prices
> open bitcoin chart
> price is the same it was 7 days ago
> return to watching anime
— Edward Snowden (@Snowden) April 12, 2024

Interestingly, Bitcoin haters are taking advantage of this situation to criticise all Bitcoin supporters & investors. In a recent podcast, Peter Schiff, a chief global economist, explained how the Bitcoin trade price is at a very big risk.

Peter explained that if speculative ETF buyers decide to sell their ETF holdings, the ETFs will need to sell Bitcoin in the spot market. However, there might not be enough buyers to absorb all the selling, causing prices to crash. This could then force ETF issuers like BlackRock to also sell their Bitcoin holdings, contributing to the crash.

This Bitcoin critic also said that bull sentiments around Bitcoin bull firm Microstrategy ($MSTR) are because of Bitcoin hype and a crash in the trade price of Bitcoin may lead to the bankruptcy of Microstrategy firm.

It is worth it to note that Peter Schiff always remains ready to pass bad comments against Bitcoin but this time he failed to talk about the 4% correction in the Gold price, following the tensions around Israel vs Iran.

Recently the world-famous financial expert Robert Kiyosaki also talked about Bitcoin spot ETF products and suggested people not to buy Bitcoin via any ETF products.

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Furthermore, he suggested buying Gold, Bitcoin, Silver, real estate properties directly.

Q: Will you buy the Bitcoin ETF?
A: No. Just as I own gold and silver coin and mines and own apartment houses I do not own gold or silver ETFs or REITS, real estate ETFS. ETFs are best for most people and institutions. Personally I am an entrepreneur and prefer to stay as far…
— Robert Kiyosaki (@theRealKiyosaki) April 12, 2024

Bitcoin halving

In the past Bitcoin halving events, Bitcoin trade price faced significant corrections by up to 30% but Bitcoin analysts expect not very high downfall, as multiple factors have supported high money inflow in the Bitcoin market, over all the past cycles.

It is expected that Bitcoin halving will take place on 20 April 2024 & after that, the trade price of Bitcoin will surge by 100% in the next 12 months.

Global Economist claims Bitcoin ETF will badly crash Bitcoin & Microstrategy (MSTR) stock 1

Price Action

The current trade price of Bitcoin (BTC) is $64,007 & this trade price is 7% down over the last 24 hours.