Renowned economist Peter Schiff, who has been consistently skeptical about cryptocurrency, has expressed his forecast that the approval of a Bitcoin ETF (Exchange-Traded Fund) would trigger a substantial selloff, potentially overwhelming the spot market. Here’s a breakdown of the key points from his prediction:

1. Mounting selling pressure: Schiff anticipates that the green light for a Bitcoin ETF would entice new investors to enter the fund, ultimately resulting in heightened selling pressure in the spot market.

2. Insufficient new buyers: He contends that there would be a deficit of new buyers in the spot market to counteract the increased selling, leading to a surge in supply and subsequently causing a drop in price.

3. ETF investor sell-off: Schiff posits that ETF investors would offload their shares, flooding the market with Bitcoin and consequently driving prices down.

4. Spot market inadequacy: He is of the opinion that the spot market is too small to absorb the augmented supply, thereby triggering a sharp price decline.

5. Plummeting Bitcoin price: As a result of the increased selling pressure and lack of new buyers, Schiff predicts a substantial plummet in the price of Bitcoin.

6. Contrarian perspective: Schiff's prediction diverges from the prevalent belief that a Bitcoin ETF would result in heightened mainstream adoption and increased prices.

7. Concerns about ETF structure: In addition to his market forecast, Schiff has raised apprehensions about the structure of Bitcoin ETFs, expressing his belief that these instruments would attract unsophisticated investors who may not fully comprehend the associated risks.

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