Economist and well-known critic of cryptocurrencies Peter Schiff has sparked lively discussions regarding the position of the US government on bitcoin. He called on President Joe Biden to sell all bitcoins held in the federal treasury, arguing that such liquidation could contribute to reducing the budget deficit in 2024. Schiff rejects the concept of creating a "strategic bitcoin reserve," insisting that the sale of these assets will not only help raise funds to reduce the deficit, but also end the debate about the formation of a potentially dangerous reserve.
In response to Schiff's statements, one Twitter user recalled former President Donald Trump's plans to create a strategic reserve Bitcoin, which has prompted other politicians to consider similar initiatives. Schiff clarified that Trump had expressed his intention only to preserve existing reserves, without planning to acquire new ones, and suggested that if Biden sold bitcoin, it could make it difficult for Trump to implement his plans if he returned to power. Trump has previously raised the issue of creating a national bitcoin reserve.
Meanwhile, global trends indicate that countries such as Russia, Brazil and Poland are actively exploring the possibility of creating their own bitcoin reserves, which underscores the growing recognition of cryptocurrencies as a means of protection against inflation and geopolitical risks. Despite these changes, Schiff remains a supporter of gold, continuing to criticize bitcoin as a tool of national finance. He has spoken out against Bitcoin exchange-traded funds (ETFs), arguing that they undermine the decentralized nature of cryptocurrencies.
However, Schiff's behavior calls into question his unequivocal views: he recently tried to sell his collection of bitcoin ordinals against the background of record prices for this asset. This move seems opportunistic to many and reflects his desire to benefit from an asset that he publicly criticizes.
