Peter Schiff Predicts Bitcoin Bloodbath — Expects SEC Chair Gary Gensler to Intr

[sirty143]

Peter Schiff Predicts Bitcoin Bloodbath — Expects SEC Chair Gary Gensler to Introduce 'New Onerous Crypto Regulations'

Economist and gold bug Peter Schiff has predicted that U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler “will soon introduce new onerous crypto regulations” that will result in “a sharp decline” in the price of bitcoin... See more for yourself here.

Your opinion is greatly appreciated.

[Charles-Tim]

Peter Schiff posted posted this on X:

Since Gary Gensler was backed into a corner on spot bitcoin ETF approval, I think he will soon introduce new onerous crypto regulations that will substantially increase the cost of Bitcoin transactions, further undermining its ‘use’ case, resulting in a sharp decline in price.

Right?

He posted that he thinks Gary Gensler will introduce a crypto regulation that will make the cost of bitcoin transaction to increase.

You know this man is a bitcoin critic. He does not talk anything good about bitcoin in the past even when bitcoin adoption was increasing. I believe a critic will not have to talk anything good.

Maybe he is talking about bitcoin ETF or something else because bitcoin fee is determined not by the SEC but by how mempool congestion is. Bitcoin is decentralized and as no control from central authority.

[Don Pedro Dinero]

In any case, this is the umpteenth time that Schiff has predicted a bloodbath, if instead of repeating his failed predictions he had dedicated himself to buying bitcoin he would be much richer today. He started by despising cryptocurrencies and now, as he sees that there is no way back, he defends cryptocurrencies that can be backed by gold.

He posted that he thinks Gary Gensler will introduce a crypto regulation that will make the cost of bitcoin transaction to increase.

You know this man is a bitcoin critic. He does not talk anything good about bitcoin in the past even when bitcoin adoption was increasing. I believe a critic will not have to talk anything good.

Maybe he is talking about bitcoin ETF or something else because bitcoin fee is determined not by the SEC but by how mempool congestion is. Bitcoin is decentralized and as no control from central authority.

Even if we don't agree with what he says, Shiff is no fool, and I don't think he says that because he doesn't know how blockchain works. I think he is suggesting that bitcoin transactions that go through centralised exchanges and the like could be taxed.

[Faisal2202]

I am not a vocal Bitcoin skeptic like Peter Schiff but I also think Gary would make some changes in the law against BTC that could hurt it but I don't really think he will do anything like that because he doesn't have the potential to do such thing because ETF of BTC has crosses around $21 billion dollars of the market cap which is more than of silver and I think Gary fears that BTC achieved this milestone in few days that if it has given more time it can cross Gold even.

And more traffic in BTC will come when it crosses Gold, I mean News outlets would be talking about BTC all over social media and BTC will get more attraction, I think that's what Peter Schiff might have predicted and thought that Gary wouldn't like it and will try everything possible to avoid happening this. This also proves that Gary have personal hate toward BTC while BTC is not the only money in use by bad actors, they are dealing in Gold for a long time why did they then approved Gold ETF.

[yhiaali3]

Even if SEC Chair Gary Gensler introduces “onerous new cryptocurrency regulations” it doesn’t does not necessarily get approved, and even if it does get approved it not necessarily lead to a “sharp decline” in the price of Bitcoin. ...

I think this is somewhat exaggerated. Gary Gensler has many opponents and he will not necessarily be able to obtain approval. Also, do not forget that the giant company that obtained ETF approval, such as BlackRock, has great influence and will strive to prevent Gary Gensler from obtaining the required approval.

In the worst case scenario, Bitcoin falling to low levels does not pose a major problem for investors in the long term. On the contrary, it may be a great opportunity to obtain more Bitcoin at cheap prices.

[Z-tight]

I don't think this man knows what he is talking about, they call him a BTC critic, so he is probably saying this because he is anti-BTC. The sec already approved 11 BTC spot etf's in the U.S. market, so to say now that they are going to make another move that will result in a serious dump in the price of BTC feels like bullshit. Surely the sec are not pro BTC, but they understand that they cannot control BTC and they cannot make it costly.

[Captain Corporate]

I believe that new regulations shouldn't really be a problem as long as they are not limiting ones. We are talking about a period where SEC is discussing about considering a bitcoin ETF by BlackRock, one of the biggest companies in the world. You think that they would let someone ruin their future? They have enough money to bribe whatever politician they need, as many as they need, to fire this dude if he does anything that ruins the potential income they will make. So I am sure that he is well aware of it, and will try to just put some boundaries on what could be better way forward, nothing more than that would apply.

[hugeblack]

Since when are Peter Schiff's opinions taken seriously, this man has a long history of spam and misleading advice related to Bitcoin and his tweets even serve as a line of sarcasm to many users.

With institutional investors, regulations will be in the direction of KYC bitcoin, but it will definitely not be harmful to the price.

[HarryWallker]

They have enough money to bribe whatever politician they need, as many as they need, to fire this dude if he does anything that ruins the potential income they will make.

[TomPluz]

As one of the most famous Bitcoin doomsayers in the scene, Peter Schiff is not worth listening too as he is just saying whatever he wanted to say to gain some attention from the press. In fact, he is a hit and miss kind of guy...just like all of us he is not into a secret society that can predict anything to Bitcoin. He is not using facts on his side and I would say that he is just another spreader of fake news. Peter hates Bitcoin and loves gold...now what I don't understand is that nobody is stopping him to hoard all the gold in the world so why incur the anger of people who preferred Bitcoin over other investment vehicles available in an open market. As to transaction cost in Bitcoin, I think this is something that not even SEC can touch on so basically Peter Schiff does not understand what he is talking about.