The Chief Executive Officer of Euro Pacific Capital and popular Bitcoin critic and Gold promoter, Peter Schiff has given his opinion on twitter as regards the Government regulating the first cryptocurrency by Market Capitalization; Bitcoin.
He stated clearly via his Twitter handle (@PeterSchiff) that Bitcoin needed no regulation from the Government. The bullish gold preacher started by saying he is in no way against people who use Bitcoin for various purposes; “medium of exchange, store of value”.
He then stated that he doesn’t think the Government should regulate the digital asset because he personally believes it won’t work and that a number of people that use the asset would lose a lot of money if the Government should regulate Bitcoin.
McHenry Says Bitcoin is “Unstoppable”
A Representative in the United States, Patrick McHenry, a pro-Bitcoin personnel has said Governments should not try to place a ban on Bitcoin as it is unstoppable. He made this known in 2019 during a hearing of the Committee on Financial services in July that year.
“The world that Satoshi Nakamoto, author of the Bitcoin whitepaper, envisioned and others are building is an unstoppable force”, he said.
He went on to state that the government should not try to deter the innovation as the governments that has tried to were not successful at banning the digital asset;
“We should not attempt to deter this innovation, and governments cannot stop this innovation and those that have tried have already failed. Due to the nature of the technology of Bitcoin, governments cannot kill it, nor should they.”