Selling Bitcoin Could Cut Budget Deficit | Airdrop Alert Pro

Prominent Bitcoin critic and economist Peter Schiff urges president to spark new controversy Joe Biden will sell all Bitcoin currently held by the U.S. government.

Schiff, a longtime critic of cryptocurrencies, said on Twitter that liquidating the assets would help reduce the budget deficit in 2024. He said it would also eliminate any speculation about the creation of a U.S. “strategic Bitcoin reserve.”

Peter Schiff Wants to Abolish Bitcoin Strategic Reserve Plan

just one day later Call Bitcoin Public enemy number onegold backer Peter Schiff strikes again Cryptocurrency Pioneer.

“One good thing Biden could do before leaving office is sell all the Bitcoin currently held by the U.S. government. The funds raised would not only reduce the budget deficit in 2024 but also end all concerns about the creation of harmful ‘strategic’ Bitcoin coin reserve nonsense,” Schiff point out.

Schiff’s comments drew immediate backlash from cryptocurrency advocates. countered a popular user on X (formerly Twitter) named BitBuyer313.

“Then we’ll just have to buy at a higher price. Trump has spilled the beans; now our competitors are developing their own strategic Bitcoin reserve plans. Game theory has won, Peter. Gold’s Market Cap vs. Bitcoin There is no chance compared to coins,” the user be challenged.

Schiff responded Claims former President Donald Trump never committed buy bitcoin. Instead, he pledged only to preserve the assets currently held by the government. Schiff also believes that Biden selling the reserves now would prevent Trump from having to fulfill such a promise when he returns to office.

In hindsight, Trump announced during the campaign the creation of “National Strategic Bitcoin Reserve,” using government-seized Bitcoin.

“My administration’s policy is to retain 100% of all Bitcoin currently held or acquired by the U.S. government into the future. This will form the core of the National Bitcoin Strategic Reserve.” explain.

Schiff critical Trump’s statement called it a tactical error. He argued that Trump should keep such intentions secret until he takes office to prevent the current administration from taking action first.

Elsewhere, the U.S. government’s holdings of Bitcoin have been a topic of concern. Recent blockchain analysis reveals billions of dollars in Bitcoin moves, including $2.43 billion tied to Mt. Gox After Bitcoin price exceeded $100,000.

That’s fueling speculation, financial lawyer Scott Johnsson said recently. U.S. Marshals Service (USMS) may already be selling Bitcoins seized in high-profile cases, such as those involving Silk Road. A June services agreement between USMS and Coinbase supports theories regarding such sales.

global trends strategy Bitcoin Reserve

While Schiff continues to oppose the idea of ​​a Bitcoin reserve, other countries are considering adopting it. According to BeInCrypto, Russia The company is already considering establishing a strategic reserve of Bitcoin as part of its de-dollarization efforts.

The mayor of Vancouver has recommended Municipal Bitcoin Reserve to protect the city from financial instability. Likewise, Polish political leaders, Slavomir Menzenpromising to establish a national Bitcoin reserve if elected.

These developments reflect a growing recognition of Bitcoin’s role in global finance. Proponents believe that Bitcoin reserves can provide financial independence and prevent inflationThis issue is particularly important for economies that rely on the dollar.

The debate over the U.S. government’s holdings of Bitcoin is a microcosm of a larger ideological divide. While Schiff champions traditional fiscal policy and gold, Bitcoin supporters see it as a vital asset in the digital age.

As Trump’s inauguration approaches, the fate of the U.S. government’s Bitcoin holdings may become a contentious issue, reflecting a broader debate over the role of cryptocurrencies in national strategy.