The well-known gold advocate continues his criticism of Bitcoin, issuing a new warning as the cryptocurrency surged past $70,000.

Schiff believes Bitcoin will face significant setbacks if the US Securities and Exchange Commission approves spot Ethereum ETFs.

Schiff Criticizes Bitcoin Again

Spot ETFs have dominated cryptocurrency news this year, with the US SEC approving nearly a dozen BTC products in mid-January after years of rejections or delays. Other regions, like Hong Kong, have followed suit, but the US remains the largest market, making the SEC's decisions highly influential.

As the second-largest cryptocurrency by market cap, Ethereum is leading this trend. Although the SEC has delayed decisions on several ETH ETF applications this year, the chances of approval seemed slim until Bloomberg's ETF experts recently increased their approval prediction from 25% to 75%.

This caused Ethereum's price to jump by 10% and later 20%, reaching over $3,800. Bitcoin's price also rose from under $67,000 to around $72,000, a six-week high.

Peter Schiff, a persistent Bitcoin critic, suggested that the potential approval of Ethereum ETFs is bad news for Bitcoin.

Not So Fast

Before Bitcoin enthusiasts become concerned by Schiff's comments, it's important to consider his track record. He has long criticized Bitcoin, warning of bubbles and advising investors to avoid it, yet his accurate predictions are rare.

For instance, less than a month ago, Schiff predicted more losses when Bitcoin corrected to $63,000, warning that if it fell below $60,000, it would continue to decline. Bitcoin briefly dipped below $60,000 but quickly rebounded and is now trading above $70,000.