• 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

Gemini's Zcash Credit Card Promotes Financial Privacy

chest

Gemini's newly launched Zcash credit card enhances financial privacy while ensuring compliance with regulatory standards.

user avatarKaterina Papadopoulou

Gemini Launches Zcash Credit Card Offering Crypto Rewards

chest

Gemini has launched a Zcash-themed credit card that offers cryptocurrency rewards on purchases.

user avatarTomas Novak

BNB ETP Listing Enhances Market Stability and Investor Access

chest

The recent listing of the BNB ETP on Nasdaq Stockholm enhances price discovery and market stability for BNB, providing a compliant investment option for Swedish pension funds and retail investors.

user avatarLeo van der Veen

Virtune BNB ETP Achieves Landmark Listing on Nasdaq Stockholm

chest

Virtune has successfully listed a BNB-based Exchange-Traded Product on Nasdaq Stockholm, providing Nordic investors with regulated access to the BNB cryptocurrency.

user avatarMaya Lundqvist

Corporations Rally to Support Trump Accounts for Children's Wealth Building

chest

Major corporations, including JPMorgan Chase and Bank of America, pledge to match federal contributions to the Trump Accounts program, promoting early wealth building for children.

user avatarLi Weicheng

Microsoft Reports Strong Q2 Earnings Despite Stock Dip

chest

Microsoft achieved $813 billion in revenue for Q2 2025, surpassing estimates, but stock fell due to slower cloud growth.

user avatarAisha Farooq

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.