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.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand. Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing. Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.

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