- Peter Schiff recommends a US coin as an alternative to the Strategic Bitcoin Reserve.
- Advocates argue that a Bitcoin Reserve could cover 36% of US debt by 2050.
The outspoken economist, a long-time critic of cryptocurrency, again expressed his opposition to a Strategic Bitcoin Reserve (SBR) for the United States. In a related move, he also presented an alternative solution to electronic currency called the “USA Coin.”
Recently, on X, Schiff proposed that the USA Coin has the potential to save the country huge amounts. The supply was recommended at only 21 million in quantity, as with Bitcoin, however, he reminded readers that to make it feasible for payment, integration should be included in a revamped blockchain.
This proposal represents yet another example of Schiff’s persistent contempt for the notion of a Bitcoin reserve. He recently asserted that President Biden ought to divest the nation’s Bitcoin holdings in order to eliminate what he refers to as nonsense surrounding the establishment of a Strategic Bitcoin Reserve.
Strategic Bitcoin Reserve Gains Support Despite Skepticism
Apart from criticism, the concept of the Strategic Bitcoin Reserve is gaining significant ground among policymakers and economists. Sen. Cynthia Lummis is sponsoring the Bitcoin Act of 2024. She believes that BTC may help reduce the national debt amounting to a total sum of $36 trillion to date. Lummis states that it might just be possible to offset a significant amount from this sum later on.
In addition, as a projection by Matthew Sigel of VanEck says, Bitcoin reserves can bring down the national debt to 36% by 2050. That is a tremendous financial potential in terms of Bitcoin.
However, Schiff is not the only one who criticized the reserve. Nic Carter from Castle Island Ventures also criticized the reserve. According to him, it would debase the US Dollar rather than make it more valuable. On this score, he agrees with Schiff that Bitcoin can’t be a reserve
This further underscores the increased divergence in the economic policies of the United States on digital currencies, and the debate over whether the United States should create a Strategic Bitcoin Reserve or alternatives such as Schiff’s USA Coin. Thus, the future of Bitcoin within the financial system of the United States remains vague.
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