I Don't Think Government Should Regulate Bitcoin: Peter Schiff

Vocal Bitcoin critic, CEO of Euro Pacific Capital and gold promoter Peter Schiff, has taken to Twitter to pour some more criticism on the world's leading digital currency.

However, he stated that Bitcoin does not need government regulation. Here's how Schiff explained this.

"I don't think government should regulate Bitcoin"

The prominent gold bug stated that governments do not need to enforce Bitcoin regulation, since he does not believe it will work. The reason is that, per Schiff, people who own Bitcoin will ultimately "lose a lot of money."

Schiff added that he has nothing personal against those who are acquiring Bitcoin or try to use it as a store of value or means of exchange.

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Elon Musk becomes Bitcoin supporter

Earlier today, while talking on the Clubhouse audio app, the Tesla CEO admitted that "Bitcoin is a good thing" and that he has become a supporter.

Musk believes that Bitcoin is on the verge of being widely embraced by financial institutions and admitted that he should have purchased BTC eight years ago.

On Friday, after the infamous GME short squeeze followed by trading apps, including Robinhood, restricting trading with GME and other fast-rising shares simply selling, Musk, infuriated along with major crypto community influencers, tagged "Bitcoin" in his Twitter bio section.

This gave Bitcoin massive momentum, pushing it from the $32,000 zone above the $38,000 level. However, later on, a correction followed, bringing the price down to the $33,000 area.

At press time, Bitcoin is changing hands at $34,069 and Musk's admitting to being a BTC supporter has not driven any pump yet.