Peter Schiff: USDT and USDC’s Combined Capitalization Will Surpass the Value of Bitcoin
Peter Schiff, president of Euro Pacific and a popular Bitcoin critic, has predicted the combined capitalization of the two leading stablecoins, USDT and USDC, will surpass the value of Bitcoin.
According to him:
“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 Ethereum, the 2nd largest.”
Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world
In his opinion, the capitalization of USDT and USDC will soon surpass the value of Bitcoin.
It is worth noting that the current capitalization of BTC exceeds $300 billion, while the combined value of the two stablecoins exceeds $100 billion.
Access more than 50 of the world’s financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange
Schiff has highlighted the growth in the supply of cryptocurrencies and the fall in their demand. According to his calculations, over the last year, the first indicator has increased by “about 50%.”