Renowned Bitcoin critic Peter Schiff has called on current U.S. President Joe Biden to sell all the Bitcoin held by the government to prevent the creation of a strategic reserve in digital gold.
The one good thing #Biden can do before leaving office is sell all the #Bitcoin currently held by the U.S. Govt. Not only would the money raised reduce the 2024 budget deficit, but it would put an end to all the nonsense about creating a harmful "Strategic" Bitcoin Reserve.
— Peter Schiff (@PeterSchiff) December 9, 2024
“The only good thing Biden can do before leaving office is to sell all the Bitcoin owned by the U.S. government. The proceeds will not only reduce the 2024 budget deficit but also put an end to all the nonsense about creating a harmful ‘strategic’ Bitcoin reserve,” Schiff stated.
One commenter on X responded that it’s already too late to abandon the idea of a Bitcoin reserve. They noted that Donald Trump has publicly announced plans for such a reserve, and U.S. competitors are likely already working on their own alternatives.
Experts suggest that the U.S.’s move toward establishing a national Bitcoin reserve could serve as a significant catalyst for governments worldwide to create similar reserves.
Meanwhile, former U.S. Treasury Secretary Lawrence Summers criticized the concept as “insanity.” He argued that the idea of a Bitcoin strategic reserve is nothing more than “pandering to generous crypto industry donors” backing Trump’s campaign.
Reminder: Despite his disdain for Bitcoin, Peter Schiff promoted his own NFT collection on the Bitcoin blockchain in November.
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