• 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

QNT Price Fails to Break Above Key Resistance Level

chest

Quant's price struggles to break above the descending trendline and Fibonacci resistance, leading to increased selling pressure.

user avatarDiego Alvarez

Valuation Models Suggest Ethereum's True Value Could Exceed $9,000

chest

A detailed analysis of various valuation models suggests that Ethereum's true value could be significantly higher than its current market price.

user avatarSon Min-ho

PEPENODE Gains Attention but Lacks Long-Term Viability

chest

PEPENODE has garnered social media hype but lacks the regulatory strength and utility of BlockchainFX.

user avatarMaria Fernandez

Arthur Hayes Predicts Ethereum's Dominance as Other Blockchains Head to Zero

chest

Arthur Hayes predicts that only Ethereum and Solana will survive among Layer1 blockchains as institutional adoption grows, while most others are destined to fail.

user avatarKenji Takahashi

Kaspa's Approach to Sustainable Growth

chest

Kaspa focuses on throughput and real utility, contrasting with the unsustainable growth of meme tokens. Stoural explains that while meme tokens may experience rapid price increases, they often lack the foundation for long-term success. Kaspa's commitment to sustainable growth and real-world application positions it as a viable option for users seeking stability in the crypto market.

user avatarGustavo Mendoza

Kaspa's Unique Consensus Design and Future Potential

chest

Kaspa introduces DAGKnight, a consensus design that allows the network to adapt to real-world internet speeds, enhancing its scalability.

user avatarRajesh Kumar

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.