[2024-01-18] Peter Schiff Predicts Bitcoin Bloodbath — Expects SEC Chair ...

[chmod755]

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. Schiff expects the new regulations to focus on anti-money laundering (AML) rather than securities law.

Peter Schiff’s Crypto Predictions: Onerous Regulations, Sharp Bitcoin Price Decline

Economist and gold bug Peter Schiff, a vocal bitcoin skeptic, has shared his predictions on crypto regulations and BTC’s price outlook following the U.S. Securities and Exchange Commission (SEC)’s approval of spot bitcoin exchange-traded funds (ETFs). He wrote on social media platform X Tuesday:

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.

Gensler previously stated that most crypto tokens, other than bitcoin, are securities. Noting that the SEC chairman “may even change his mind on bitcoin,” Schiff stressed in a follow-up post: “My thought is that new regulations will relate to AML, not securities law.”

Many users on X replied to Schiff’s posts to express their opinions. One emphasized, “I wouldn’t call Gensler being required to stay lawful ‘being backed into a corner.'” Others questioned how Gensler could possibly raise Bitcoin transaction costs. “Gary Gensler controls the Bitcoin mempool?” one wrote. Another user opined: “How can Gary and the SEC increase the cost of Bitcoin transactions? Are they gonna spend a lot of money on bidding for block space?”

Several users highlighted Gensler’s past statements on bitcoin as a commodity. One mentioned:

Gary Gensler has repeatedly stated that bitcoin is a commodity. It will be hard for him at the SEC to regulate, even the on ramps and off ramps (unless those on ramps and off ramps deal in unregistered securities).

“SEC enforces securities laws and protects investors in securities,” the same user noted, adding that anti-money laundering (AML) regulations are covered more broadly by other agencies, such as the Financial Crimes Enforcement Network (FinCEN).

Source: https://news.bitcoin.com/peter-schiff-predicts-bitcoin-bloodbath-expects-sec-chair-gary-gensler-to-introduce-new-onerous-crypto-regulations/

[Oshosondy]

Peter Schiff will prefer something bad for bitcoin and nothing more than that. He has not said anything good about bitcoin before. This is not something that we should be surprised of. That is Peter Schiff.

He is not having bitcoin and also not knowing about bitcoin. He does not even know what mempool is I guess. Because if he knows what mempool is, he will not talk like this.

[alastantiger]

I do not expect any good report from Peter Schiff. His pronouns are bitcoin-Skeptic and he is living up to expectations. Google him and you will never find any good thing about him. We in the bitcoin community should give him any attention and relevance.

Here is a headline from
AUG, 2022 - Peter Schiff urges investors to sell Bitcoin amid current ‘sucker rally’
AUG 05, 2019 - Peter Schiff Slams CNBC for Giving Bitcoin More Airtime Than Gold

Oct 11, 2017 - Bitcoin Is a Speculative Bubble That Will Eventually Explode, Peter Schiff Warns

5 plus years on and Peter still stews nonsense about bitcoin despite the glaring evidences against his false and incorrect claims.

[NeuroticFish]

5 plus years on and Peter still stews nonsense about bitcoin despite the glaring evidences against his false and incorrect claims.

All that nonsense is imho on purpose: keeps this guy in the center of attention, helping him advertise the crap he cares about (and actually Bitcoin too!)
Plus, I tend to believe that he is invested into Bitcoin, just doesn't admit it. Else he would not be that much aware of all that's happening around Bitcoin.

[alastantiger]

All that nonsense is imho on purpose: keeps this guy in the center of attention, helping him advertise the crap he cares about (and actually Bitcoin too!)

It will be a difficult for bitcoin skeptic to stop being the center of attention. Once they make some stupid comment about bitcoin many news source will pick it up and amplify it. They'll invite him for a chat, they'll invite him discuss it on podcasts, these news and blogs will write 1000 words plus articles about it which inadvertently reinforces the behaviour.

Plus, I tend to believe that he is invested into Bitcoin, just doesn't admit it. Else he would not be that much aware of all that's happening around Bitcoin.

Yes, he is but I don't know how true it is as he claimed to have lost access to his last holding of Bitcoin because of a corrupted wallet.

[mrust_mobile]

Peter Schiff eventually will be right. Everything he says will become true, but... I doubt any of us will see any of it. Even bitcoin will probably die at some point but it may not happen for decades. (bitcoin is human made and very well may die if people lose interest in it) He predicted the last 5 of 3 recessions right. He is constantly on doom&gloom mode. According to him everything is about to fall apart (and he is not wrong) but he missed one thing. Humans are very good liars and the current FIAT lie will continue for a long time. It was about to end in 2000, it didn't. It was about to end in 2008, it didn't. 2020? Didn't work again. This current FIAT lie may continue even after Peter's own death.

[pinggoki]

Peter Schiff will prefer something bad for bitcoin and nothing more than that. He has not said anything good about bitcoin before. This is not something that we should be surprised of. That is Peter Schiff.

He is not having bitcoin and also not knowing about bitcoin. He does not even know what mempool is I guess. Because if he knows what mempool is, he will not talk like this.

That's because he probably wants to buy bitcoin at a lower price, probably one of those people that are nostalgic of the time when bitcoin was still manageable to buy with your monthly wages in bulk and he's got the influence to make the market doubt bitcoin so it sways at a way that makes us panic a bit. I'm sure that he knows about bitcoin and he's probably the kind of guy that doesn't show all of his cards until needed. To be honest, I do hope that he's right and that bitcoin will experience some short term turmoil that will make the price go down even lower to get myself a healthy value when I purchase bitcoin.

[NeuroticFish]

It will be a difficult for bitcoin skeptic to stop being the center of attention

Indeed. And, as I said, I think that he's posing as "bitcoin skeptic" on purpose. It's an advertising strategy.

Yes, he is but I don't know how true it is as he claimed to have lost access to his last holding of Bitcoin because of a corrupted wallet.

Oh, interesting. I didn't know that he has ever admitted to own bitcoin. And about the corrupted wallet, if it's for real, I feel sorry for him. But I still can't think.. hmm.. it sounds more a very convenient mishap (for both his skeptic stance and also for hiding some funds)