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Vocal crypto critic and economist Peter Schiff is at it again, asking Bitcoin (BTC) holders to dispose of their holdings. This time, Joe Biden is his target audience as he has asked the 47th president of the United States to sell off all federally-held Bitcoin. In Schiff’s opinion, taking the step to liquidate these reserves could go a long way in mitigating the 2024 budget deficit. More importantly, the anti-Bitcoin economist thinks it would dismiss notions of establishing a “Strategic Bitcoin Reserve.” Trump And Lummis Fights For Bitcoin Strategic Reserve in the US President-elect Donald Trump is keen on establishing a Bitcoin strategic reserve in the United States. Even before Trump won the 2024 presidential election, pro-Bitcoin Wyoming Senator Cynthia Lummis had been working on a draft for new legislation to bring Bitcoin into the mainstream financial system. Like Trump, her goal is to make it a reserve asset for the US eventually. So, the Federal Reserve will buy BTC and hold it as a reserve asset. This is similar to how the central bank holds gold and other foreign currencies. These politicians are confident that a Bitcoin strategic reserve will go a long way in boosting the strength of the US economic system while keeping the value of the US dollar stable. Peter Schiff on the Bitcoin Strategic Reserve However, Schiff thinks it’s a “nonsense” plan which is equally harmful. In response to Schiff’s post on X, one user stated, “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.” These competitors may include Brazil, which is already working on creating a national Bitcoin reserve to strengthen the country’s economy. The proposal is that Brazil invests 5% of its $372 billion international reserves in Bitcoin, an investment that may eventually manage risks. Also, Slawomir Mentzen, a leading candidate in Poland’s 2025 presidential race, has pledged to establish a national Bitcoin reserve if elected. Sell BTC Holding and End Trump’s Bitcoin Strategic Reserve Plan Though Trump has mentioned establishing a stockpile of BTC in the US, Schiff argues that he retains the existing BTC reserves and does not acquire more. Therefore, he thinks that selling the current stash from numerous seizures will stop Trump from continuing his plans for a Bitcoin strategic reserve. Schiff’s stance is hardly surprising, judging by his constant cry to crack down on crypto. Amidst his argument, Bitcoin trades at $97,624.05, corresponding with a 1.34% 24-hour dip. The post Peter Schiff Advises Joe Biden to Sell US Bitcoin Holdings appeared first on TheCoinrise.com .
