Michaela Alvez
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.
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 holdings.
“Biden can do him a favor by selling it all before Trump takes office. That way 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.
Read More
- Strategic Bitcoin Reserve Proposal Gains Traction Under Trump
- Florida Bitcoin Reserve Set to Launch Statewide by Early 2025
- Bitcoin Competes with Gold, Not Currency, Says Fed Reserve Chairman
Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications 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.
