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Economist and cryptocurrency skepticbelieves that the capitalization of the two most popular stablecoins will exceed the total capitalization of Bitcoin, and also that financial markets do not need regulation.
Peter Schiff wrote in hisTwitter that the total market capitalization of cryptocurrencies is less than $793 billion, 14% of which is accounted for by the two largest US dollar-backed stablecoins. This is 80% of the capitalization of Ether, the second largest cryptocurrency. Schiff suggested that soon the total capitalization of USDT and USDC will exceed this figure for Bitcoin.
With the market capitalization of all #cryptotokens 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
A cryptoskeptic took part in a discussion aboutstrengthening regulation of cryptocurrencies in connection with the collapse of the FTX exchange. Schiff does not see the need for government regulation, so he called for an end to the US Federal Reserve (Fed) to ensure free markets. According to the economist, competition for reputation, profits and losses is the best regulator.
“We no longer need governmentregulation. Let's end the Fed, government stimulus, subsidies, guarantees and bailouts. The New York Stock Exchange (NYSE) began operating in 1792. The SEC came into existence in 1934. We were better off without her,”
the economist argues.
In the comments to the tweet, many usersThey objected that it was for this reason that decentralized cryptocurrencies, which are self-regulating, were invented. Other commentators suggested that bankrupt FTX founder Sam Bankman-Fried was merely a tool to push for greater oversight of cryptocurrencies.
Schiff believes that Bitcoin is finding it increasingly difficult to compete with altcoins and even non-fungible tokens (NFTs), which is why an economist recently compared Bitcoin to a shipwrecked ship.
