By Shelly Melancon (Switzerland)
The Euro Pacific Capital CEO called current Bitcoin bulls “idiots” amidst the recent Bitcoin price rally. However, he contradicted himself while responding to a post where he was tagged by admitting that he regretted not buying it at a lower price than its current price.
Peter Schiff Tweet Response. Source: Twitter
Schiff has been a Bitcoin bear for more than ten years now, and he is yet to admit anything positive about the king coin. Two years ago, Schiff called Bitcoin a “Ponzi scheme” seeking more ‘investors.’
As widely reported in various media, the Bitcoin price surged past the $48K range in today’s morning session, showing that the Bitcoin bulls are now in charge again. It hit about $449,164 before a slight price correction and is now slightly under $49K.
BTC’s Renewed Push Towards $50K
BTC movement in the last couple of weeks has got investors excited. It broke down the $48k resistance after trading around $45.5K for 48 hours. Its current action is a big relief for Bitcoin analysts who had predicted a breakout of the $50K range when it broke the $48K range.
The relative strength index indicator shows an increasing bullish strength as BTC’s daily gains were at about 3.5% as of this writing. Furthermore, Glassnode data shows increased Bitcoin outflows from exchanges this month. Thus, indicating increased buying pressure and a possible breakout. The last time there was this level of outflows, it resulted in a strong bullish run. Hence, this year’s outflow might also follow a similar trend.
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Bitcoin outflow from exchanges. Source: Glassnode
Proof of Bitcoin’s bullishness was its less activeness of BTC price action for about two successive days. An indication that more holding than selling is going on. These events show that BTC would eventually surpass $50K, and it is only a matter of when not if again.
US Financial Watchdog Approves Neuberger Berman’s Amended Proposal
Meanwhile, the US financial watchdog has approved Neuberger Berman’s amended proposal, and the approval is immediate. The asset management firm proposed investing 5.5% of its assets in Bitcoin and ETFs in Canada to allow its investors to have indirect exposure to cryptocurrency investment.
Berman’s earlier filing included investments in crypto derivatives and trusts, but its new filing, which it submitted yesterday, excluded them. The company revealed its main motive for diversifying its investment portfolio into digital assets is to make its investments inflation-proof.
However, Berman also stated that it wouldn’t mind the profits accrue from trading on these assets. While two top fund management firms withdrew their ETF application, another one has sent its own. Part of its filing indicates that AdvisorShares intends to invest in BTC futures, emphasizing that there is no direct Bitcoin exposure.
There have been over 12 ETF proposals submitted to the US financial watchdog this month alone. The increase might not be unconnected with Gensler’s confirmation that the investment act allows ETF fund investments. However, the SEC chief didn’t specify that only BTC ETF proposals stand to be approved. But the recent Ether ETF proposal withdrawals indicate that he might not be interested in approving non-BTC-related ETFs.
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