„What will happen to the price of bitcoin if the SEC declares it a title?“
Peter Schiff is a legendary gold investor who doesn’t like Bitcoin or Tesla
Peter Schiff is a legendary gold investor who doesn’t like Bitcoin or Tesla – Photo: Gage Skidmore
After the news that the largest cryptomaniac broker in the United States, Coinbase, will suspend trading with XRP, the currency depreciated 30% and the digital asset fell to less than $0.20. The currency’s total market capitalization fell more than $1 billion, causing the asset to fall to fifth place, being overtaken by Litecoin.
The situation affecting thousands of XRP investors has caused Crypto Cash Bitcoin’s respected critic, Peter Schiff, to pull out of the hole and reinforce the fact. He published a tuite saying that XRP lost nearly 70% of its market capitalisation after the SEC sued Ripple.
The renowned economist brought a question to the entire cryptomaniac community as to whether XRP fell 70% with the SEC’s decision, what will happen to Bitcoin if the regulatory agency declares it a title?
„Ripple fell below 20 cents, despite being traded above 60 cents this month. Almost 70% of its market capitalisation has evaporated in less than a month just because of the SEC’s claim that it is a bond. What will happen to the price of bitcoin if the SEC declares it a bond?“
In addition to being one of the biggest critics of Bitcoin and all the other cryptomaps, Peter Schiff is an economist and investment strategist. He is one of the few economists and investment professionals widely recognized for accurately alerting people to the 2008 financial crisis before it began.
His fame increased after his vigorous comments on the US stock market, the problems with the US economy, the real estate bubble, the value of gold, the „cryptomorphic fallacies“ and the potential weakness of the US dollar.
Shiff is a strong advocate of the free market economy and is known for his advocacy of emerging markets and commodity-focused investments. He has been quoted hundreds of times on the world’s leading news sites, including The Wall Street Journal, Financial Times, The New York Times, and The Washington Post.
Although he is a respected economist and has an opinion that deserves to be heard, Shiff, he is wrong. The SEC has already understood that Bitcoin is decentralized and therefore not a title.
Moreover, every time a regulator tries to control or centralise Bitcoin, the currency gets stronger.