Well-known economist and cryptocurrency critic Peter Schiff recently Bitcoin He made a harsh warning about the future of the price.
Schiff expressed his belief that recent regulatory changes spearheaded by SEC Chairman Gary Gensler could significantly impact the cost and viability of Bitcoin transactions.
Schiff stated that Chairman Gensler may soon be preparing new crypto regulations that will significantly increase the cost of Bitcoin transactions, further weakening the ‘use’ case and causing a sharp drop in price.
Schiff’s latest comments are based on the possibility of strict new cryptocurrency regulations being introduced by the SEC.
He noted that these regulations could significantly increase transaction costs for Bitcoin, thus weakening BTC’s utility and leading to a sharp decline in its price.
As Koinfinans.com reported, Schiff thinks Gensler’s spot BTC ETF approval will be followed by tougher regulations.
Some people who commented on the Schiff post also reminded that Gensler classified Bitcoin as a commodity. This could be a major obstacle to possible regulations by the SEC. Therefore, if the SEC makes a regulation, it is expected to be related to money laundering.
In other recent comments, Schiff has repeatedly questioned the true value and utility of Bitcoin.