Peter Schiff Rips the Strategic BTC Reserve Proposal That Might Come into Effect With the Re-election of Former President Donald Trump-web3.0-php.cn

Peter Schiff Rips the Strategic BTC Reserve Proposal That Might Come into Effect With the Re-election of Former President Donald Trump

Susan Sarandon

Nov 12, 2024 am 06:18 AM

Peter Schiff Donald Trump Strategic Bitcoin Reserve

While many industry leaders and some lawmakers are celebrating this proposal, Peter Schiff has detailed why this move, if achieved, can destroy the United States.

Peter Schiff Rips the Strategic BTC Reserve Proposal That Might Come into Effect With the Re-election of Former President Donald Trump

Economist Peter Schiff has slammed the strategic BTC Reserve proposal that might come into effect with the re-election of former President Donald Trump. While many industry leaders and some lawmakers are celebrating this proposal, Schiff has detailed why this move, if achieved, can destroy the United States.

Schiff, who is also a gold bug, has never relented in his criticism of Bitcoin and other cryptocurrencies. Despite the massive gains recorded by BTC in 2024, Schiff maintained his stance, adding that the digital asset is a scam. He also predicted that the price of Bitcoin will crash to zero in the coming years.

Now, with the proposal for the U.S. government to establish a Bitcoin reserve, Schiff sees another opportunity to air his views on the primary cryptocurrency. According to the economist, if the government decides to purchase 1 million BTC, it will be forced to buy more.

He explained that the initial purchase will drive the price of Bitcoin to a new high, turning many early buyers into millionaires and billionaires. This push will then see these investors sell their coins to cash out the profits accrued over the years. As a result, the BTC holding of the U.S. government will fall drastically.

To save face, the government will be left with no choice than to print dollars to buy more BTC and keep the price afloat. However, Schiff believes this is unsustainable as Bitcoin in this instance cannot stand as a proper hedge for the dollar. His believes this reality will ultimately devalue the U.S. Dollar. But, he adds, the price of Bitcoin will also tank in the long term.

The above is the detailed content of Peter Schiff Rips the Strategic BTC Reserve Proposal That Might Come into Effect With the Re-election of Former President Donald Trump. For more information, please follow other related articles on the PHP Chinese website!

Statement

The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn

FloppyPepe (FPPE) Price Could Explode As Bitcoin (BTC) Price Rallies Towards $450,000May 09, 2025 am 11:54 AM

According to a leading finance CEO, the Bitcoin price could be set for a move to $450,000. This Bitcoin price projection comes after a resurgence of good performances, signaling that the bear market may end.

Pi Network Confirms May 14 Launch—Qubetics and OKB Surge as Best Cryptos to Join for Long Term in 2025May 09, 2025 am 11:52 AM

Explore why Qubetics, Pi Network, and OKB rank among the Best Cryptos to Join for Long Term. Get updated presale stats, features, and key real-world use cases.

Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) Declares a Dividend of $0.88 Per ShareMay 09, 2025 am 11:50 AM

TORONTO, May 8, 2025 /CNW/ - The Board of Directors (the "Board") of Sun Life Financial Inc. (the "Company") (TSX: SLF) (NYSE: SLF) today announced that a dividend of $0.88 per share on the common shares of the Company has been de

Sun Life Announces Intended Renewal of Normal Course Issuer BidMay 09, 2025 am 11:48 AM

May 7, 2025, the Company had purchased on the TSX, other Canadian stock exchanges and/or alternative Canadian trading platforms

The Bitcoin price has hit $100k for the first time since February, trading at $101.3k at press time.May 09, 2025 am 11:46 AM

BTC's strong correlation with the Global M2 money supply is playing out once again, with the largest cryptocurrency now poised for new all-time highs.

Coinbase (COIN) Q1 CY2025 Highlights: Revenue Falls Short of Expectations, but Sales Rose 24.2% YoY to $2.03BMay 09, 2025 am 11:44 AM

Blockchain infrastructure company Coinbase (NASDAQ: COIN) fell short of the market’s revenue expectations in Q1 CY2025, but sales rose 24.2% year

Ripple Labs and the SEC Have Officially Reached a Settlement AgreementMay 09, 2025 am 11:42 AM

Ripple Labs and the U.S. Securities and Exchange Commission (SEC) have officially reached a deal that, if approved by a judge, will bring their years-long legal battle to a close.