“What will happen to the price of bitcoin if the SEC declares it a title?”
After the news that the largest cryptomaniac broker in the United States, Coinbase, will suspend trading with XRP, the currency depreciated 30% and the digital asset fell to less than $ 0.20. The currency’s total market capitalization fell by more than $1 billion, causing the asset to fall to fifth place, being overtaken by Litecoin.
The renowned economist brought up a question for the entire cryptomaniac community, if XRP fell 70% with the SEC decision, what will happen to Crypto Engine if the regulatory agency declares it a title?
The situation affecting thousands of XRP’s investors made the respected Bitcoin critic, Peter Schiff, come out of the hole and reinforce the fact. He published a tuite saying that XRP lost nearly 70% of its market capitalization after the SEC sued Ripple.
“Ripple fell below 20 cents, despite being traded above 60 cents this month. Almost 70% of its market capitalization evaporated in less than a month just because of the SEC’s claim that it is a bond. What will happen to the price of bitcoin if the SEC declares it is a bond?”
Besides being one of the biggest critics of Bitcoin and all the other cryptomaps, Peter Schiff is an Economist and investment strategist. He is one of the few economists and investment professionals widely recognized for accurately alerting people to the 2008 financial crisis before it began.
His fame increased after his vigorous comments on the U.S. stock market, problems with the country’s economy, the real estate bubble, the value of gold, “cryptomorphic fallacies” and the potential weakness of the U.S. dollar.
Shiff is a strong advocate of the free market economy and is known for his advocacy of emerging markets and commodity-focused investments. He has been quoted hundreds of times on the world’s leading news sites, including The Wall Street Journal, Financial Times, The New York Times, and The Washington Post.
Although he is a respected economist and has an opinion that deserves to be heard, Shiff, he is wrong. The SEC has understood that Bitcoin is decentralized and therefore not a title.
Moreover, every time a regulator tries to control or centralize Bitcoin, the currency gets stronger.