enowned Bitcoin skeptic Peter Schiff has cautioned against the approval of a spot Bitcoin exchange-traded fund (ETF) in the U.S., suggesting it could lead to a catastrophic impact on BTC prices.

Schiff argues that the anticipation of institutional demand has propped up Bitcoin’s value, and the approval of an ETF might result in a price collapse if the expected demand fails to materialize.

Despite market optimism, consultancy firm Matrixpoint predicts the SEC will reject all spot Bitcoin ETF applications by the January 10 deadline, citing a critical requirement not met by applicants.

Schiff’s warning and Matrixpoint’s forecast express skepticism on a spot Bitcoin ETF approval, citing concerns over BTC prices and regulatory challenges.

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