Ethereum Warning from Anti-Bitcoin Peter Schiff: A Fall Is Coming Even If It Is Approved!

Famous economist Peter Schiff, nicknamed "The Gold Bug", warned Bitcoin and cryptocurrency investors.

In his X post dated May 21, Peter Schiff addressed cryptocurrency investors. Commenting on the spot Bitcoin and Ethereum ETF news, the experienced name said that the USA will probably approve the spot Ethereum ETF.

However, he stated that the money that will flow into the spot Ethereum ETF will probably be provided by the money coming from the spot Bitcoin ETF, and argued that these mills will not turn with the same water for a long time.

While he stated that institutions that decide to purchase Bitcoin will not create a new fund for Ethereum, he emphasized that the existing fund will probably be divided between both Bitcoin and Ethereum:

Bitcoin has regained strength amid rumors that an Ethereum ETF will likely be approved. But the money needed to purchase new Ethereum ETFs will likely come from existing Bitcoin ETFs. Institutions that allocate budgets for cryptocurrencies will not increase this allocation to purchase Ethereum.

The US Securities and Exchange Commission (SEC) is expected to approve spot Ethereum ETF applications with a 75% chance by the end of May.