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Peter Schiff has again made his strong stance against the Strategic Bitcoin Reserve known. This time, the renowned economist has proposed an alternative that the US could adopt instead of implementing a Strategic Bitcoin Reserve.
Peter Schiff Proposes Alternative To Strategic Bitcoin Reserve
In an X post, Peter Schiff stated that the US could save a lot of money by creating a ‘USA Coin’ instead of a Strategic Bitcoin Reserve. Interestingly, he said just like Bitcoin, the USA coin’s supply can be capped at 21 million.
He added that the coin should run with an upgraded blockchain to make it actually viable for use in payments. The renowned economist, who happens to be a Bitcoin skeptic, has made it clear on several occasions that he is against the idea of a Strategic Bitcoin Reserve.
Recently, Schiff stated that the best thing Biden could do before leaving office was to sell the US Bitcoin holdings. According to him, that would end all the “nonsense” about creating a Bitcoin Reserve.
His latest comments look to be his way of once again taunting the Bitcoin faithful. However, despite Peter Schiff’s skepticism, the creation of a US BTC Reserve looks to be gaining ground.
Moreover, Senator Cynthia Lummis, the sponsor of the Bitcoin Act of 2024 bill, has proposed a plan for the BTC Reserve to reduce the $36 trillion national debt. VanEck’s Matthew Sigel also explained a scenario where the reserve could offset 36% of the national debt by 2050.
A Case Against The BTC Reserve
Like Peter Schiff, Castle Island Ventures’ Nic Carter also looks to be against the idea of a Strategic Bitcoin Reserve. Carter explained that a BTC Reserve would undermine and not support the Dollar.
He explained that the US issues the Dollar as the global reserve currency. Therefore, acquiring Bitcoin and assigning it a monetary role could imply that the US is losing confidence in the current dollar-based system.
However, despite objections from individuals like Nic Carter and Peter Schiff, the focus looks to be on how Bitcoin can strengthen the US economy. CryptoQuant’s CEO, Ki Young Ju, also agreed that a Strategic Bitcoin Reserve to offset the US debt is a feasible approach.
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Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
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