According to CryptoPotato, economist Peter Schiff anticipates that new regulations from the United States Securities and Exchange Commission (SEC) may adversely impact Bitcoin's value. Schiff, a well-known Bitcoin critic, believes that SEC Chairman Gary Gensler was 'backed into a corner' on the approval of spot Bitcoin ETFs. Last week, the SEC approved multiple applications, allowing the ETFs to start trading on the American market for the first time.

Schiff expects Gensler's future actions to impact the cryptocurrency industry, particularly Bitcoin: 'I think he will soon introduce new onerous crypto regulations that will substantially increase the cost of Bitcoin transactions, further undermining its "use" case, resulting in a sharp decline in price.' Some Twitter users opposed Schiff's theory, noting that Gensler has repeatedly stated that BTC is the only cryptocurrency with the status of a commodity, making regulatory changes from the SEC a challenging process. Schiff suggested that potential rules would relate to anti-money laundering (AML), not securities law.

In the past, Schiff has made incorrect predictions about Bitcoin's price. He once called it 'a digital pyramid scheme' and advised HODLers to sell their positions at the start of last year. However, Bitcoin experienced a significant upswing throughout 2023, closing at approximately $42,000 (a 130% increase since his advice). Despite ongoing corrections, upcoming events in 2024, such as a possible pivot from the Federal Reserve on its anti-inflationary policy and the Bitcoin halving scheduled for April, could propel another uptrend for the asset.