Peter Schiff, an economics professor and crypto critic, prompted a debate about the U.S. federal government’s Bitcoin policy by asking President Joe Biden if he would sell any BTC that was held on behalf of the U.S.
Schiff stated that the liquidation of these reserves would reduce the budget deficit in 2024 and dismissed notions about establishing an "Strategic Bitcoin Reserve."
“The one good thing Biden can do before leaving office is sell all the Bitcoin currently held by the US Govt,” On Monday, Schiff tweeted."Not only would the money raised reduce the 2024 budget deficit," He said "but it would put an end to all the nonsense about creating a harmful ‘Strategic’ Bitcoin Reserve.”
One Twitter user responded to Schiff’s remarks: “Trump already let the cat out of the bag; now our competitors are working out plans for their own strategic Bitcoin reserves. Gold’s market cap doesn’t stand a chance against Bitcoin.”
Schiff countered by emphasizing that Donald Trump had only committed to retaining existing BTC reserves, not acquiring more. He suggested Biden’s immediate sale could prevent Trump from enacting such plans when he returns to office.
President-elect Donald Trump has previously proposed establishing a national BTC "stockpile.”
Global trends also show that Russia, Brazil, Poland, and other countries are looking to build their own BTC reserve, which is a sign of the growing acceptance of cryptos as an alternative currency against geopolitical and inflation risks.
Schiff continues to champion gold, dismissing BTC's role in national finance. Schiff has previously criticised BTC ETFs, stating that they undercut the decentralized nature crypto.
He has continued to criticize the “so-called” "digital gold," Schiff’s behavior suggests a complex relationship between the largest crypto in the world and himself.
In the midst of BTC’s all-time highest levels, Schiff attempted to sell his Bitcoin Ordinals Collection last month. The sale is seen as opportunistic by some and shows his willingness to profit off the asset that he condemns publicly.
Stacy Elliott is the editor.