• Thu. Mar 28th, 2024

Peter Schiff Says That Governments Need Not Regulate Bitcoin

Phillip Seefeldt

ByPhillip Seefeldt

Feb 1, 2021

Regulation in the crypto space has been debated since the time Bitcoin started gaining mainstream attention. When the digital asset was first introduced, it didn’t sell for much, so regulators were not interested in regulating the sector, which has come back to haunt them.

Due to a lack of regulations, various atrocities are being carried out using digital assets. The malicious actors have been able to carry out their activities using various digital assets, especially the privacy coins like Monero and a few others. Various regulators have rolled out their respective regulations, but it never seems to be enough for the crypto community.

Schiff says investors could lose alot of money

Some traders in the crypto market complained that the laws rob them of the real reason they are trading crypto, while others have complained that the government wants to restrict their trading. Buttressing the point of crypto regulation is gold bug Peter Schiff who took to Twitter to pour his heart against the leading digital asset.

According to the Euro Pacific Global CEO, he believes that it is a waste of time if the government continues to announce regulations on the crypto sector, especially Bitcoin, because they would never work. He mentioned that one of the main reasons the regulations would not hold is that most people have their funds in the digital asset.

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Schiff mentioned that no one wants to go into a business to lose their money, so all those who have high stakes in the digital asset would do all they can to frustrate the regulations. Going further, he says that he does not have any hidden agenda against Bitcoin and those that are holding the digital asset.

Elon Musk shows support for Bitcoin

While peter Schiff is still ardently against Bitcoin, Elon Musk is still showing his unwavering support to the leading digital asset. Broadcasting on an audio-only platform, Clubhouse, Musk mentioned that he has finally seen Bitcoin as an excellent investment. He is now a big supporter of the leading digital asset.

According to Musk, Bitcoin is moving close to the stage where various financial entities would be buying the asset while regretting that he should have bought the asset when he had the chance about eight years ago. Musk showed displeasure at the Shot squeeze event of GameStop stock, which led to Robinhood suspending trades of the stock as he took to his Twitter bio and dropped his famous comment, which read “Bitcoin.”

Bitcoin immediately began responding to this action as the digital asset moved well above its previous selling price of $32,000 to sell close to $38,000. Despite the small bullish run, nothing could stop the bears as they ran the asset’s price back to $33,000. Bitcoin is currently trading around the$34,000 price region as the Tesla CEO has affirmed that Bitcoin did not rise because he was converted as a follower, which has been confirmed by various analysts.

Phillip Seefeldt

Phillip Seefeldt

Phillip Seefeldt is a skilled and perceptive news writer known for his comprehensive analysis and engaging writing style. With a commitment to accuracy and a deep understanding of current affairs, his articles provide readers with insightful perspectives and thought-provoking insights.

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