The combined capitalization of the two leading stablecoins – USDT and USDC – will exceed that of bitcoin. This forecast was given by a supporter of gold and a critic of the first cryptocurrency Peter Schiff.
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 (@Peter Schiff) November 21, 2022
“With a market capitalization of all cryptoassets below $793 billion, the value of the two largest dollar-backed stablecoins represents 14% of the market. This is 80% of the value of Ethereum, the second largest [криптовалюты]”, wrote the president of Euro Pacific.
In his opinion, soon the capitalization of USDT and USDC will exceed Bitcoin.
According to CoinGeckoat the time of writing, the latter is worth $317.2 billion. The combined value of the two stablecoins reaches $109.7 billion.
Schiff drew attention to the growth in the supply of cryptocurrencies and the fall in demand for them. According to his calculations, over the past year, the first indicator has increased “by about 50%.”
The supply of #CryptoCurrencies is soaring as demand for #cryptos is collapsing. Over the past year the supply of cryptos grew by around 50% to almost 22,000. But during that same time period the combined market capitalization fell by about 73%. #Bitcoin mania is over. buy #gold.
— Peter Schiff (@Peter Schiff) November 20, 2022
“But over the same period, the cumulative market capitalization fell by about 73%. Bitcoin mania is over. Buy gold,” Schiff added.
The President of Euro Pacific also spoke about the collapse of FTX and government oversight. He saw no need for more regulation, calling for “an end to Fedgovernment incentives, subsidies, guarantees and rescue operations.”
This tweet was inspired by those calling for more government regulation in the wake of the #SBF and #FTX frauds. The beauty of free market capitalism is that it self-regulates. Competition for reputation and profit and loss are better regulators than easily captured bureaucrats.
— Peter Schiff (@Peter Schiff) November 20, 2022
“This tweet was inspired by those calling for more government regulation on fraud SBF and FTX. The beauty of free market capitalism is that it is self-regulating. Reputational competition and profit and loss are the best regulators,” Schiff said.
Recall that in early May, Schiff allowed bitcoin to fall to $10,000 in the event of a sharp breakout of the $30,000 level. In August, he repeated his forecast, doubting that the price of the first cryptocurrency would reach new highs.
In October, a gold advocate criticized former MicroStrategy CEO Michael Saylor and CNBC for advertising Bitcoin, accusing them of pumping the asset.
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