Peter Schiffan economist known for his skepticism towards cryptocurrencies, proposed to President Joe Biden that the federal government sell all of its seized Bitcoin
btc
$103,957.66
citing its potential to reduce the national budget deficit and end discussions about a “Bitcoin Strategic Reserve.”
The idea of a national Bitcoin reserve has been raised in the past, particularly by Donald Trump. Still, Schiff remains a supporter of gold and constantly questions Bitcoin’s role in global finance.
He has long maintained that Bitcoin Price volatility and speculative nature make it unsuitable for serious economic planning.. He has also criticized Bitcoin exchange-traded funds (ETFs), claiming that they contradict the decentralized principles upon which cryptocurrencies were built.
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However, Schiff Actions sometimes seem to contradict his words.. Last month, during a bitcoin price rebound, tried sell your own collection of Bitcoin Ordinals. Many saw this decision as opportunistic, especially considering his frequent public discussions about cryptocurrencies.
His comments sparked an avalanche of reactions on social media. A user pushed backstating that Trump had already hinted at a strategic Bitcoin reserveinspiring other nations to follow their example. The user suggested that Bitcoin could one day surpass gold in terms of market capitalization.
Schiff did not shy away from the challenge and responded:
Not the [Trump] No. He never promised to buy Bitcoin, just not to sell what the government already owns. Biden can do him a favor by selling everything before Trump takes office. That way Trump won’t have to break that campaign promise.
While Schiff’s call to sell all Bitcoin seized by the federal government sparks debate, Coinbase’s Brian Armstrong recently took aim at the SEC’s Caroline Crenshaw over Bitcoin ETFs, raising eyebrows across the industry. What caused this public clash? Read the full story.
Having completed a master’s degree in Economics, Politics and Cultures of the East Asian region, Aaron has written scientific articles analyzing the differences between Western and collective forms of capitalism in the post-World War II era.
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