Peter Schiff, president of Euro Pacific Capital, economist, and well-known cryptocurrency skeptic, has proposed creating a cryptocurrency called USAcoin to replace Bitcoin as the United States’ strategic reserve currency.
Schiff explained that the token he envisions should have a capped supply of 21 million coins, similar to Bitcoin, and operate on a scalable blockchain:
“USAcoin will be a currency truly suitable for making payments. This way, we can all get rich,” he stated.
According to the economist, adopting USAcoin could save the U.S. government significant funds, which could then be allocated to addressing social issues. In contrast, granting Bitcoin the status of a reserve asset would undermine trust in the existing dollar-based financial system, Schiff argued.
Previously, Peter Schiff criticized the administration of U.S. President-elect Donald Trump for its support of Bitcoin, claiming that such a stance weakens the nation’s economy.
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