Peter Schiff: "USDT and USDC stabilcoins will overtake bitcoin on capitalization" – Bits Media

The economist and cryptocurrency skeptic considers, that the capitalization of the two most popular stablecoins will exceed the overall capitalization of bitcoin, and also that financial markets do not need to regulate.

Peter Schiff (Peter Schiff) wrote on his Twitter, that the general market The capitalization of cryptocurrencies has less $793 billion, and 14% from which it falls on the two largest stablecoin, secured by the US dollar. it 80% From the capitalization of the broadcast, The second largest cryptocurrency. Schiff suggested, that soon the total capitalization of USDT and USDC will exceed this bitcoin indicator.

With the market capitalization of all #crypto tokens below $793 billion, the value of the two largest dollar-backed stable coins represents 14% of the market. That’s 80% of the value of #Etherum, the 2nd largest. Soon the value of stable coins will exceed the value of #Bitcoin.

— Peter Schiff (@PeterSchiff) November 21, 2022

Cryptoskeptik took part in the discussion on increasing the regulation of cryptocurrencies in connection with the collapse of the exchange of FTX. Shift does not see the need for state regulation, Therefore, he urged to end the US Federal Reserve System (FRS), to ensure market freedom. According to the economist, Competition for reputation, Profit and losses are the best regulator.

“We no longer need state regulation. Let's end the Fed, government stimuli, subsidies, guarantees and financial assistance packages. New York Stock Exchange (NYSE) I started working in 1792 year. SEC appeared in 1934 year. We were better without her ", —
The economist argues.

In the comments to Twit, many users objected, that it was for this reason that decentralized cryptocurrencies were invented, which are self -regulating. Other commentators suggested, that the founder of the bankrupt FTX Sam Bankman-Fried (Sam Bankman-Fried) was only a tool for that, To help strengthen the supervision of cryptocurrencies.

Schiff counts, that Bitcoin is getting harder to compete with altcoins and even with non -replaced tokens (NFT), Therefore, the economist recently compared Bitcoin with a vessel tolerating.