• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Peter Schiff Criticizes the Use of Bitcoin in US Strategic Reserves

user avatar

by Giorgi Kostiuk

a year ago

Peter Schiff, a long-time Bitcoin critic, has expressed doubts about the idea of using cryptocurrency as part of the US strategic reserves.

Schiff Against Bitcoin Proposal

The discussion started when Tom Lee from Fundstrat said on CNBC that Bitcoin could help solve the US budget deficit. Lee suggested that Bitcoin could serve as a hedge against the deficit, as its price rise could offset related liabilities.

Criticism of the Bitcoin Plan

Schiff highlighted the liquidity risks, emphasizing that any US attempt to sell a significant amount of Bitcoin could lead to a market crash, rendering the reserve ineffective. 'Even if you believe in Bitcoin, such a plan is ridiculous. A large Bitcoin reserve would be worthless, as the government could not sell without crashing the market,' he noted.

Even if you believe in Bitcoin, such a plan is ridiculous. A large Bitcoin reserve would be worthless as the government could not sell without crashing the market.Peter Schiff

Further Comments by Schiff

Schiff also remarked that consumer optimism is based on 'misplaced confidence' in a Trump-inspired economic boom.

In conclusion, Peter Schiff believes that using Bitcoin in US strategic reserves could have negative consequences due to its volatility and limited liquidity.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

SocialFi Market Growth Projections Contrasted by Recent Failures

chest

The SocialFi market is projected to exceed $10 billion by 2033, but recent failures of creator tokens raise concerns about sustainability.

user avatarZainab Kamara

Coinbase Faces Criticism Over Failed Creator Token Experiment

chest

Coinbase faces backlash over failed creator token experiment linked to YouTuber Nick Shirley, raising doubts about the viability of creator tokens.

user avatarKofi Adjeman

Decentralized Exchanges Gain Ground Over Centralized Platforms

chest

Decentralized exchanges (DEXs) are increasingly capturing market share from centralized exchanges (CEXs) as onchain liquidity deepens.

user avatarAyman Ben Youssef

SynFutures Plans to Transform Onchain Market Infrastructure

chest

SynFutures plans to evolve into a core infrastructure provider for onchain markets, supporting real-world assets and enhancing liquidity over the next five years.

user avatarTando Nkube

TRUMP Coin Team's 94M USDC Cashout Sparks Investor Concerns

chest

The TRUMP Coin project faces scrutiny after its anonymous team reportedly cashed out 94 million USDC, significantly impacting its market value.

user avatarSon Min-ho

InterLink Labs Rumored to Prepare for Major Token Listing

chest

InterLink Labs is rumored to be preparing for a major token listing at the NEXT ERA 2026 event in Newport Beach, California, which could drive up market demand.

user avatarJesper Sørensen

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.