• 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

Bonk Maintains Strong Community Engagement as a Leading Meme Coin

chest

Bonk continues to thrive as a community-driven token with significant market activity and a strong presence in the crypto space.

user avatarMaria Gutierrez

Floki Emerges as a Top Meme Coin with Utility and Community Support

chest

Floki stands out among meme coins due to its blend of narrative, utility, and strong community engagement.

user avatarArif Mukhtar

SMQKE Discusses XRP's Institutional Value on Allin Crypto Podcast

chest

SMQKE discusses the institutional value of XRP on the Allin Crypto podcast, highlighting its role as a core infrastructure asset and its potential for adoption as regulatory clarity increases.

user avatarAndrew Smith

Bitcoin Price Surge Raises Concerns Over Retail Investor Behavior

chest

Brian Quinlivan raises concerns that a rapid increase in Bitcoin's price could lead to irrational exuberance among retail investors.

user avatarDavid Robinson

Bollinger Bands Indicate Imminent Price Swing for Bitcoin

chest

Bollinger Bands indicate that a major price swing for Bitcoin may be imminent.

user avatarZainab Kamara

Long-term Bitcoin Holders Show Signs of Recovery

chest

Long-term Bitcoin holders have started to buy again after experiencing the largest selling period in years, indicating a potential easing of selling pressure.

user avatarJacob Williams

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.