Peter Schiff Calls For Bitcoin’s Doom Again With New KYC Regulations

By Prashant Jha
Published November 27, 2020 Updated November 27, 2020
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Peter Schiff Calls For Bitcoin’s Doom Again With New KYC Regulations

By Prashant Jha
Published November 27, 2020 Updated November 27, 2020

Famous gold proponent Peter Schiff is not a big fan of bitcoin and has predicted the top cryptocurrency’s doom on a number of occasions. Schiff’s last prediction came after the infamous Black Thursday crash in March this year when the bitcoin price crashed by more than 50% in a single day. Since then bitcoin has managed to climb as high as $19,800 during the ongoing bull cycle. Bitcoin proponents have been taunting Schiff throughout the bullish rally asking for his reaction and further predictions.

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Despite the ongoing bull cycle is being carried by the influx of institutional investors, Schiff believes the upcoming proposed Anit-Money Laundering and KYC regulations could make Bitcoin too costly as a medium of exchange. Schiff said,

The stringent AML & KYC regulations anticipated for #Bitcoinwill not only make Bitcoin less desirable to own, but far more expensive to transact in. So, even if Bitcoin ever becomes stable enough to actually use as a medium of exchange, it would be the most expensive way to pay.

Schiff’s Predictions Haven’t Aged Well

Peter Schiff is well-known for bad-mouthing bitcoin and among very few who have maintained that position despite the top cryptocurrency’s growing acceptance and adoption. Schiff’s prediction about bitcoin hasn’t aged well and in fact, he has become an active meme in the decentralized space. Bitcoin has seen its price grow by almost 5 folds since last Schiff predicted Bitcoin was going to zero.

Bitcoin community laughed off the warning flagged by Schiff and believed he is just giving ridiculous arguments now that bitcoin price has skyrocketed against his prediction.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Prashant Jha
1004 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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