• 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

Continued Investment Inflows into Cryptocurrency Products

chest

Recent data shows a sustained pattern of investment in cryptocurrency asset products, indicating positive sentiment among institutional investors.

user avatarNguyen Van Long

Massive 3465 Million USDT Transfer Raises Market Speculation

chest

A significant transfer of 3465 million USDT from Bybit to an unknown wallet has sparked speculation in the crypto market.

user avatarSatoshi Nakamura

Moody's Sets Strict Segregation Rules for Stablecoin Ratings

chest

Moody's has established a new framework for rating stablecoins that emphasizes the quality of reserve assets and mandates strict asset segregation.

user avatarRajesh Kumar

Moody's Introduces New Rating Framework for Stablecoins

chest

Moody's has introduced a new rating framework for stablecoins, focusing on the quality of their reserve assets.

user avatarJesper Sørensen

WPA Hash Offers Attractive Mining Contracts for Investors

chest

WPA Hash offers a variety of mining contracts tailored for different investment levels, providing defined profits and professional maintenance.

user avatarLucas Weissmann

CME's XRP Futures Contracts Break Records with $1 Billion Open Interest

chest

CME's XRP futures contracts have reached significant open interest, attracting $1 billion in just a few months since their launch on May 19.

user avatarEmily Carter

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.