{"id":70462,"date":"2022-11-23T10:19:44","date_gmt":"2022-11-23T08:19:44","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=70462"},"modified":"2025-09-08T02:26:09","modified_gmt":"2025-09-07T23:26:09","slug":"peter-schiff-usdt-and-usdc-will-overtake-bitcoin-in-market-capitalisation","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/peter-schiff-usdt-and-usdc-will-overtake-bitcoin-in-market-capitalisation\/","title":{"rendered":"Peter Schiff: USDT and USDC will overtake Bitcoin in market capitalisation"},"content":{"rendered":"<p>The combined market capitalisation of the two leading dollar-backed stablecoins \u2014 <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-tether-usdt\">USDT<\/a> and <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-the-usdc-stablecoin\">USDC<\/a> \u2014 will exceed Bitcoin&#8217;s market capitalisation. The forecast comes from a gold advocate and critic of the first cryptocurrency, Peter Schiff.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">With the market capitalization of all <a href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&#038;ref_src=twsrc%5Etfw\">#crypto<\/a> tokens below $793 billion, the value of the two largest dollar-backed stable coins represents 14% of the market. That&#8217;s 80% of the value of <a href=\"https:\/\/twitter.com\/hashtag\/Etherum?src=hash&#038;ref_src=twsrc%5Etfw\">#Etherum<\/a>, the 2nd largest. Soon the value of stable coins will exceed the value of <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a>.<\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1594521262256230401?ref_src=twsrc%5Etfw\">November 21, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWith a market capitalisation of all crypto assets below $793 billion, the value of the two largest dollar-backed stablecoins accounts for 14% of the market. That&#8217;s 80% of the value of Ethereum, the second-largest cryptocurrency,\u201d \u2014 wrote the president of Euro Pacific.<\/p>\n<\/blockquote>\n<p>In his view, the market capitalisation of USDT and USDC will soon surpass that of Bitcoin.<\/p>\n<p>According to <a href=\"https:\/\/www.coingecko.com\/ru\">CoinGecko<\/a>, at the time of writing the latter stands at $317.2 billion. The combined value of the two stablecoins reaches $109.7 billion.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/ryFrJqgp1vhXGl0Uy956ofycJNoO2xMaqVUlLgVpz0BS-rOtPz3ZFVPnxSZCS5wtWSCTnKLwh29PHKyBYIth1zPgZmuS6FDfgJjPzD5tgwOKE4SEt93rsx315e0mikW0ezngDaS-UAPVhfAJT8520AWzxgSNV6hncQyS1f4v5CX5vuBYfBitmkEfo7Mk\" alt=\"Peter Schiff: USDT and USDC will overtake Bitcoin in market capitalisation\"\/><figcaption>Data: CoinGecko.<\/figcaption><\/figure>\n<p>Schiff pointed to the growth in the supply of cryptocurrencies and a decline in demand. In his assessment, over the past year the first metric increased by about 50%.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The supply of <a href=\"https:\/\/twitter.com\/hashtag\/CryptoCurrencies?src=hash&#038;ref_src=twsrc%5Etfw\">#CryptoCurrencies<\/a> is soaring as demand for <a href=\"https:\/\/twitter.com\/hashtag\/cryptos?src=hash&#038;ref_src=twsrc%5Etfw\">#cryptos<\/a> 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%. <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> mania is over. Buy <a href=\"https:\/\/twitter.com\/hashtag\/gold?src=hash&#038;ref_src=twsrc%5Etfw\">#gold<\/a>.<\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1594478380044673024?ref_src=twsrc%5Etfw\">November 20, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cBut in that same period total market capitalisation fell by about 73%. Bitcoin mania is over. Buy gold,\u201d \u2014 Schiff added.<\/p>\n<\/blockquote>\n<p>The president of Euro Pacific also commented on the <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">collapse of FTX<\/a> and government oversight. He saw no need for greater regulation, calling to \u201cend the US Federal Reserve, government stimulus, subsidies, guarantees and rescue operations\u201d.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">This tweet was inspired by those calling for more government regulation in the wake of the <a href=\"https:\/\/twitter.com\/hashtag\/SBF?src=hash&#038;ref_src=twsrc%5Etfw\">#SBF<\/a> and <a href=\"https:\/\/twitter.com\/hashtag\/FTX?src=hash&#038;ref_src=twsrc%5Etfw\">#FTX<\/a> 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.<\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1594470847200124928?ref_src=twsrc%5Etfw\">November 20, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThis tweet was inspired by those calling for stronger government regulation in response to the frauds of SBF and FTX. The beauty of free-market capitalism is that it self-regulates. Competition for reputation, and profits and losses, are the best regulators,\u201d Schiff said.<\/p>\n<\/blockquote>\n<p>As a reminder, in early May Schiff allowed for a fall to $10,000 in Bitcoin if the $30 000 level is breached. In August he repeated his forecast, questioning whether Bitcoin could reach fresh highs.<\/p>\n<p>In October, the gold advocate criticised former MicroStrategy CEO Michael Saylor and CNBC for advertising Bitcoin, accusing them of pumping the asset.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news on our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 crypto news, rates and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The combined market capitalisation of the two leading dollar-backed stablecoins \u2014 USDT and USDC \u2014 will exceed Bitcoin&#8217;s market capitalisation. The forecast comes from a gold advocate and critic of the first cryptocurrency, Peter Schiff.<\/p>\n","protected":false},"author":1,"featured_media":70463,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1138,1298,807],"class_list":["post-70462","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-opinions","tag-peter-schiff","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70462","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=70462"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70462\/revisions"}],"predecessor-version":[{"id":70464,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70462\/revisions\/70464"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/70463"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=70462"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=70462"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=70462"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}