Michaela Alvez
Economist and outspoken Bitcoin critic Peter Schiff’s sarcastic comments have unexpectedly led to the creation of a new cryptocurrency called USAcoin (USACOIN), which quickly amassed a multimillion-dollar market capitalization.
Its birth is said to have been sparked by Schiff’s suggestion that the U.S. government explore establishing a strategic “USAcoin reserve” as an alternative to a Bitcoin reserve.
“Just like Bitcoin, the supply can be capped at 21 million, but with an upgraded blockchain to make USAcoin actually viable for use in payments,” Schiff wrote.
As of this writing, USAcoin boasts a market capitalization of $3.34 million, with a reported trading volume of $5.79 million, according to data from CoinMarketCap.
Schiff distanced himself from any association with the newly created cryptocurrency. Responding to its launch, he clarified, “My post was sarcastic—don’t buy it.”
Despite disavowing the coin, Schiff defended the underlying concept of creating a government-backed digital asset, reiterating his critique of Bitcoin as a strategic reserve. Moreover, Schiff has labeled Bitcoin a speculative asset and referred to it as “fool’s gold,” suggesting that its value is driven purely by market hype and irrational speculation.
The economist has often pointed to Bitcoin’s volatility as evidence that it cannot function as a reliable store of value or medium of exchange. He argued that Bitcoin is unsuitable as a reserve asset for governments or financial institutions due to its price swings and lack of tangible backing.
Schiff has been vocal in his opposition to proposals supporting Bitcoin as a national reserve asset, including those endorsed by Senator Cynthia Lummis. Senator Lummis, a Republican from Wyoming and a known Bitcoin advocate has championed the idea of integrating Bitcoin into U.S. financial strategy.
Lummis introduced a groundbreaking bill that would establish a national Bitcoin reserve for the United States. The legislation aims to position Bitcoin as a key component of the country’s strategic financial holdings, alongside traditional reserves such as gold and foreign currencies.
Schiff recently criticized Senator Lummis’ proposed legislation, noting that while the bill has gained notable enthusiasm from the online cryptocurrency community, it appears to lack substantial backing within Congress.
Schiff’s strong position against Bitcoin-backed reserves reflects his broader skepticism of the digital asset, further fueling the ongoing debate between traditional financial advocates and cryptocurrency proponents.
Read More
- Peter Schiff Slams Michael Saylor’s Bitcoin Strategy
- Peter Schiff Urges Biden to Sell U.S. Bitcoin Reserves to Cut Deficit Before Leaving Office
- Saylor and Lummis Place High Hopes on US Crypto Czar for Digital Asset Progress
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.
