Peter Schiff Says Biden Selling All US Bitcoin Would Be “Good,” Here’s Why
Highlights
- Peter Schiff stated that Biden selling the US Bitcoin holdings would be a good thing because the proceeds from the sale would solve the budget deficit.
- He said it would also end the "nonsense" about creating a Strategic Bitcoin Reserve.
- He said that Trump won't buy more BTC to create this reserve since he only promised not to sell what they currently hold.
Renowned economist Peter Schiff has made another bold statement against Bitcoin. Schiff stated that Joe Biden’s government selling all the country’s BTC holdings would be a good thing and further explained why such a move would benefit the US.
Peter Schiff Says Biden Selling All US Bitcoin Will Be “Good”
In an X post, Peter Schiff stated that the one “good thing” Biden can do before leaving office is sell all the US government’s Bitcoin holdings. He explained that the proceeds from the sales would help reduce the 2024 budget deficit.
The economist added that it would end the “nonsense” about creating a harmful Strategic Bitcoin Reserve. This is in reference to US President-elect Donald Trump’s plan to create a Bitcoin reserve using the government’s current Bitcoin holdings.
While this could hurt Donald Trump’s plans to create a Strategic Bitcoin Reserve, the new administration could buy BTC again, although at a higher price. However, Schiff believes that Trump’s government won’t make such a move.
He stated that Trump never promised to buy any Bitcoin; he just said he would never sell what the government already owned. He remarked that Biden could do him a favor by selling these coins before he takes office. That way, Peter Schiff said that Trump won’t have to break his campaign promise.
Schiff’s latest remarks come just days after he said that Bitcoin could destroy the US Dollar. He explained that the government could print more money to buy BTC after adopting the flagship crypto, which could lead to a larger bubble squandering the nation’s wealth.
Strategic Bitcoin Reserve Could Still Come To Life
Contrary to Peter Schiff’s belief, the Strategic Bitcoin Reserve could still come to life even if the Biden government sells all the country’s BTC holdings. This will be thanks to Senator Cynthia Lummis’ ‘Bitcoin Act of 2024’ bill.
The bill proposes a US government Strategic Bitcoin Reserve, funded by Federal Reserve remittances. It also proposes that the US buy up to 1 million BTC over the next four years. Therefore, if the bill passes, the US will still actively accumulate more BTC, even if Biden’s government decides to offload all the country’s current Bitcoin holdings.
Arkham data shows that the US government currently holds 198,109 BTC ($19.33 billion). The government recently moved $1.9 billion worth of BTC to a new address, which raised concerns that they were looking to offload these coins.
- Ethereum Supercycle Strengthens as SharpLink Gaming Withdraws $78.3M in ETH
- Trump Tariffs: Secretary Bessent Declares ‘Fantastic’ Trump–Xi Talks, Bitcoin Breaks $113,000
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
