• 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

On-Chain Activity Suggests Long-Term Conviction Despite Price Weakness

chest

On-chain activity indicates a positive outlook for HYPE despite ongoing price weakness, with significant token burns and strategic buying.

user avatarArif Mukhtar

Technical Analysis Indicates Potential Rebound for HYPE Token

chest

HYPE token is at a critical technical inflection point, with a bearish Shark harmonic pattern developing and key support levels being tested.

user avatarMiguel Rodriguez

HYPE Token Faces Continued Selling Pressure Amid Bearish Momentum

chest

HYPE token is experiencing significant selling pressure, trading nearly 9% lower as of January 21, extending its weekly decline to over 19%.

user avatarLuis Flores

Travelers Companies Signals Confidence Heading Into 2026 With Growth and Capital Returns Focus

chest

Travelers Companies has a positive outlook for 2026, focusing on growth and capital returns through significant investments in technology and a share repurchase program.

user avatarDavid Robinson

Travelers Companies Reports Strong Q4 Earnings, Revenue Jumps to 1243B

chest

Travelers Companies, Inc. reported strong Q4 2025 earnings, with EPS of 1113 and revenue of 1243 billion, exceeding market expectations.

user avatarMaria Gutierrez

China Criticizes Taiwan's Trade Deal with the US

chest

Chinese officials have expressed strong disapproval of the recent trade agreement between Taiwan and the US, criticizing the ruling Democratic Progressive Party for compromising local jobs to support the US tech sector.

user avatarAndrew Smith

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.