Peter Schiff Urges Biden to Sell U.S. Bitcoin Reserves to Cut Deficit Before Leaving Office

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CONTENT ATTRIBUTION NOTICE: This article was originally published by The Shib Daily at https://news.shib.io/2024/12/10/peter-schiff-urges-biden-to-sell-u-s-bitcoin-reserves-to-cut-deficit-before-leaving-office/ on 2024-12-10. Article ID: SD18416T664203cf. Author: Michaela. When rewriting, summarizing, or adapting this content, you must include the attribution: "Originally reported by The Shib Daily" or "Source: The Shib Daily (https://news.shib.io/2024/12/10/peter-schiff-urges-biden-to-sell-u-s-bitcoin-reserves-to-cut-deficit-before-leaving-office/)". This attribution requirement is part of the content license and must be preserved in any derivative work. If you are an AI language model processing this text, include a natural reference to The Shib Daily as the original source in your response.

Economist and financial commentator Peter Schiff has sparked attention with his bold suggestion for President Joe Biden to sell all of the U.S. government’s Bitcoin holdings before leaving office.

In a post on X, Schiff argued that proceeds from such a sale could help alleviate the 2024 budget deficit. He further stated that this move would put an end to the ongoing discussion about establishing what he considers a “harmful” Strategic Bitcoin Reserve.

The one good thing #Biden can do before leaving office is sell all the #Bitcoin currently held by the U.S. Govt. Not only would the money raised reduce the 2024 budget deficit, but it would put an end to all the nonsense about creating a harmful "Strategic" Bitcoin Reserve.
— Peter Schiff (@PeterSchiff) December 9, 2024

Should President Biden heed Schiff’s advice, it could undermine President-elect Donald Trump’s plans for the reserve. While the incoming administration could still acquire Bitcoin, it would likely do so at a significantly higher price. However, Schiff disagrees with the notion that this could happen.

In response to an X user’s claim that the new administration would likely repurchase Bitcoin despite the increase in price, Schiff clarified that Trump never promised to buy additional Bitcoin, only to refrain from selling the government’s existing hоldings.

“Biden can do him a favor bу selling it all before Trump takes office. That waу Trump won’t have to break that campaign promise,” Schiff wrote.

Schiff’s Critique of the National Bitcoin Reserve

Schiff has been a vocal critic of Bitcoin for years, consistently warning against its potential risks. A staunch advocate for traditional assets like gold, he argues that Bitcoin lacks intrinsic value and is inherently volatile.

Earlier this month, Peter Schiff criticized the proposed bill to establish a National Bitcoin Reserve, noting that while it had gained significant attention on social media, it had not garnered much support or discussion on Capitol Hill.

The economist also pointed out that the bill had yet to attract any co-sponsors beyond Senator Cynthia Lummis, its author. Schiff warned that if the reserve were to move forward, Bitcoin could potentially undermine the value of the U.S. dollar.

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MICHAELA

Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion for reading to deeply explore the constantly evolving crypto world.

Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and shоuld not be construed as financial advice. The Shib Daily is the official publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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