'Sharp' Bitcoin Fall Coming? Peter Schiff Says SEC's Gary Gensler 'Will Soon Introduce New Onerous Crypto Regulations'
Portfolio Pulse from Mehab Qureshi
Peter Schiff predicts a sharp decline in Bitcoin's price due to anticipated stringent regulations from the SEC, following the approval of spot Bitcoin ETFs. Schiff believes these regulations will increase Bitcoin transaction costs and undermine its utility. The recent trading of new Bitcoin Spot ETFs saw about $10 billion in volume in just three days. SEC-approved Spot ETFs include those from Grayscale, Bitwise, Hashdex, iShares, Valkyrie, ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity Wise Origin, and Franklin.
January 17, 2024 | 7:23 am
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NEGATIVE IMPACT
ARK 21Shares' ETF could be negatively affected in the short term if the SEC's new regulations lead to a decrease in Bitcoin's price and utility as anticipated by Peter Schiff.
ARK 21Shares, with exposure to Bitcoin, could suffer if regulatory changes result in higher transaction costs and lower Bitcoin usage, as this could deter investors.
CONFIDENCE 60
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Bitwise's crypto assets could experience a decline if the SEC introduces regulations that increase the cost of Bitcoin transactions, as predicted by Peter Schiff.
Bitwise, being a player in the crypto asset management space, could see its products impacted by regulatory changes that make Bitcoin less attractive to investors.
CONFIDENCE 60
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Grayscale's Bitcoin Trust may face a negative impact if Schiff's prediction of increased Bitcoin transaction costs and regulatory scrutiny materializes, potentially reducing investor interest.
As Grayscale's Bitcoin Trust is directly tied to Bitcoin, any regulatory changes that negatively affect Bitcoin's utility or transaction costs could lead to a decrease in the trust's value.
CONFIDENCE 60
IMPORTANCE 70
RELEVANCE 80