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Learning & News => News related to Crypto => Topic started by: TomPluz on November 13, 2024, 05:22:08 AM

Title: Schiff: NO to Trump's plan making BTC a strategic reserve
Post by: TomPluz on November 13, 2024, 05:22:08 AM
(https://www.biztechafrica.com/wp-content/uploads/2024/11/Peter-Schiff-Slams-Trumps-Strategic-Bitcoin-Reserve-Plan-1024x597.webp)

Quote

Gold bug and Bitcoin skeptic Peter Schiff has come out against Donald Trump’s plan to establish a strategic Bitcoin reserve to handle the US government’s growing debt, which stands at $36 trillion.

Schiff argued that initially, the planned $1 million purchase would lead to Bitcoin recording all-time highs, but the government would be forced to spend billions more to stabilize its price as early investors may begin to liquidate their holdings for profit, causing BTC to crash.

He noted that holding Bitcoin as a reserve asset to back the dollar is a bad idea because the cryptocurrency is highly volatile and liquidity risks that would compromise economic stability.

President-elect Donald Trump is going ahead with plans to establish the Bitcoin reserve, which gained traction after Sen Cynthia Lummis produced a bill regarding the matter in the Senate.


Read more of this development here. (https://www.biztechafrica.com/article/peter-schiff-slams-trump-plan/80484/)


Here comes Peter Schiff again acting like he is really an expert on Bitcoin when in fact his BIG prediction that it would collapse and would have a ZERO value in the end FAILED miserably...and now that BTC is surging and is about to go beyond $100K zone am sure it is time for this guy to go home and lick his wound.

I am supporting the possible move by Trump administration to add Bitcoin into the federal reserve and this can surely make Bitcoin solidify its position on the market as it is getting the approval and recognition from the world's still biggest economy.

Now, are you on the side of Peter Schiff or you think it is about time to add BTC to the reserve?




Title: Re: Schiff: NO to Trump's plan making BTC a strategic reserve
Post by: yhiaali3 on November 13, 2024, 06:33:25 AM
I don't know how many times Peter Schiff predicted the collapse of Bitcoin? He should be ashamed of his failed predictions every time, especially at this time with the huge rise in the price of Bitcoin.

I disagree with him, even if "early investors start liquidating their holdings to make a profit" as he says, this will not lead to the collapse of Bitcoin because there are always new buyers ready to own the precious Bitcoin.

On the contrary, in my opinion, "Donald Trump's plan to create a strategic reserve of Bitcoin to deal with the growing debt of the US government" may help stabilize the price of Bitcoin and not collapse it as he thinks. Because this will lead to growing confidence in Bitcoin around the world and perhaps other governments will follow the US lead.
Title: Re: Schiff: NO to Trump's plan making BTC a strategic reserve
Post by: bitterguy28 on November 13, 2024, 06:35:49 AM
Quote from: TomPluz on November 13, 2024, 05:22:08 AM
(https://www.biztechafrica.com/wp-content/uploads/2024/11/Peter-Schiff-Slams-Trumps-Strategic-Bitcoin-Reserve-Plan-1024x597.webp)
Here comes Peter Schiff again acting like he is really an expert on Bitcoin when in fact his BIG prediction that it would collapse and would have a ZERO value in the end FAILED miserably...and now that BTC is surging and is about to go beyond $100K zone am sure it is time for this guy to go home and lick his wound.
his reasoning are literally being proven to be untrue i mean for the past 15 years bitcoin has managed to continuously rise and fight against inflation yes it is volatile in nature but i would not say that it is as volatile as it was years ago and we can now be met with some sense of stability especially if us does acknowledge bitcoin and use it as their national reserve at this point he is just trying to make sure he is correct but he has been proven wrong so many times i dont know if anyone would still listen to him
Quote
I am supporting the possible move by Trump administration to add Bitcoin into the federal reserve and this can surely make Bitcoin solidify its position on the market as it is getting the approval and recognition from the world's still biggest economy.

Now, are you on the side of Peter Schiff or you think it is about time to add BTC to the reserve?
i am not an american citizen i could not care less about their debts but as a bitcoin enthusiast yes i will urge them to go on and make bitcoin stronger
Title: Re: Schiff: NO to Trump's plan making BTC a strategic reserve
Post by: Charles-Tim on November 13, 2024, 08:59:16 AM
Some people also said that bitcoin as a strategic reserve may not be up to fruition in United States. That it may be turned down politically. But I believe there is nothing impossible.

No one should believe in Peter Schiff. He is out of his brain when saying anything about bitcoin. We all know how critics nature he has for bitcoin has made him said a lot of wrong things about bitcoin. I mean he will say bad things about bitcoin but bitcoin will do otherwise.

I guess this man is even afraid bitcoin not to surpass gold in marketcap one day. He failed in everything he has criticized about bitcoin.
Title: Re: Schiff: NO to Trump's plan making BTC a strategic reserve
Post by: Kemarit on November 13, 2024, 09:41:46 AM
It is to be expected by Peter though, and for sure he will not agree with that idea. But the thing is that he is not the President of the United States and that is only his opinion.

He might have the argument, but the final decision will still be on Donald Trump.

And he also suggested that he will be using BTC as as strategic reserves. So it means that it is not just Gold or even US dollar, but now they will take advantage of BTC which I think is good approach by Trump and his incoming government.
Title: Re: Schiff: NO to Trump's plan making BTC a strategic reserve
Post by: hugeblack on November 13, 2024, 10:03:26 AM
Discussing such ideas from Peter Schiff means that he has gone from being an influential economic analyst with information to being a Twitter pundit who wants to talk about anything to get the spotlight. The best solution is to ignore his writings until he realizes that it is time to stop expressing his opinions.
Title: Re: Schiff: NO to Trump's plan making BTC a strategic reserve
Post by: ABCbits on November 13, 2024, 11:00:18 AM
Quote from: yhiaali3 on November 13, 2024, 06:33:25 AM
I don't know how many times Peter Schiff predicted the collapse of Bitcoin? He should be ashamed of his failed predictions every time, especially at this time with the huge rise in the price of Bitcoin.

I agree. But considering how he keep talks about Bitcoin despite wrong prediction, i would guess he following approach "There Is No Such Thing As Bad Publicity". After all, some cryptocurrency media and community keeps talking about him.
Title: Re: Schiff: NO to Trump's plan making BTC a strategic reserve
Post by: NotATether on November 13, 2024, 02:17:26 PM
Well they already have a Bitcoin reserve.

Remember all those seized bitcoins from Silk Road and other dark net sites? They still have thousands of those. In fact, they have so many that they are among the top 10 BTC holders.

So buying more coins like El Salvador is not going to do much to increase the price. It's more of the hype that this news generates that will make a peak.
Title: Re: Schiff: NO to Trump's plan making BTC a strategic reserve
Post by: KingsDen on November 13, 2024, 02:28:56 PM
These guys only focus on the possible challenges bitcoin might face without even considering the bright side.  Has he thought about the fact that if US adopt bitcoin, it might trigger other countries to do same which may not lead to a price crash just as he has predicted? Everyone knows that bitcoin is volatile but the price appreciates over time, which is way better than FIAT which they are all comfortable with.

The US already have reserves in gold, treasury bonds and many more. I see no way a bitcoin reserve will impact the country's economy negatively.
Title: Re: Schiff: NO to Trump's plan making BTC a strategic reserve
Post by: Lucius on November 13, 2024, 06:33:57 PM
Quote from: TomPluz on November 13, 2024, 05:22:08 AM
~snip~
Now, are you on the side of Peter Schiff or you think it is about time to add BTC to the reserve?

What I can admit is that PS is somewhat right when he talks about the volatility of Bitcoin and that the idea of ​​adding the same to some kind of strategic reserves is somehow a risk. However, if it is a symbolic amount (especially in the context of the US economy), then there is actually no great danger, even if the price of BTC changes dramatically in a negative sense at some point.

Besides, Mr. Donald doesn't care about anyone's opinion, especially not about a character who has been telling the same story for years and is always wrong, whether it's about Bitcoin or the price of gold.
Title: Re: Schiff: NO to Trump's plan making BTC a strategic reserve
Post by: MrSpasybo on November 13, 2024, 08:26:01 PM
Quote from: TomPluz on November 13, 2024, 05:22:08 AM
Here comes Peter Schiff again acting like he is really an expert on Bitcoin when in fact his BIG prediction that it would collapse and would have a ZERO value in the end FAILED miserably...and now that BTC is surging and is about to go beyond $100K zone am sure it is time for this guy to go home and lick his wound.

I am supporting the possible move by Trump administration to add Bitcoin into the federal reserve and this can surely make Bitcoin solidify its position on the market as it is getting the approval and recognition from the world's still biggest economy.

Now, are you on the side of Peter Schiff or you think it is about time to add BTC to the reserve?
Peter Schiff is actually an expert on BTC: he follows BTC fluctuations, frequently writes about BTC on Twitter, and he doesn't shy away from talking about BTC on TV. I even believe he owns BTC, and a lot of it if he's been accumulating BTC as diligently as he's been negatively talking about it ^^

As a gold investor and owner of a gold mining company, Peter Schiff will always deny BTC value and any positive policies for BTC development. We shouldn't pay too much attention to his views, we should instead follow Trump actions to better understand the crypto development plan in the US.
Title: Re: Schiff: NO to Trump's plan making BTC a strategic reserve
Post by: _act_ on November 13, 2024, 08:35:35 PM
Peter Schiff may be trying to make a buzz online in other for him to get known by the people within the crypto space, may little does he know about the facts on bitcoin as well as the numbers of coins that bears the same name Trump on the crypto market and they are no where to be found even at this bullrun, bitcoin is far beyond the way he is seeing it, there is no how one person can make a person influence in it without the community endorsement and support, just as we all made it together in the selection of the president, though this may not really applies the same way on bitcoin.
Title: Re: Schiff: NO to Trump's plan making BTC a strategic reserve
Post by: Gposas on November 13, 2024, 08:58:16 PM
Quote from: yhiaali3 on November 13, 2024, 06:33:25 AM

I disagree with him, even if "early investors start liquidating their holdings to make a profit" as he says, this will not lead to the collapse of Bitcoin because there are always new buyers ready to own the precious Bitcoin.


On point mate, if his speculation is aimed towards the collapsing of BTC, I guess he may be standing on the wrong ground, on my point of view, I guess there's no crash that wouldn't recover with time if it likely happens..

In respect to the $1M purchase by the US government, the speculation of him saying there will likely be a sell off from Investors when it touches a higher ATH, he may be correct but on the other hand, the market comprises of buy and sell... While the likes of most investors are selling, I'm pretty sure there'll be others willing to buy/hold and thereby raising the price back upwards, and besides the price cannot crash down to a valueless asset.

If the development is adopted... I guess we'll be seeing some more higher rise in price and a greater reason for wider rate of acquiring this crypto asset (BTC) throughout the world and also a + for the US economy.
Title: Re: Schiff: NO to Trump's plan making BTC a strategic reserve
Post by: electronicash on November 13, 2024, 08:59:44 PM
for crypto community, i think we're all for whatever Trump wants to implement. if he wants Bitcoin reserves so be it.  i'm not from US but i'm sure being a crypto investor, it will affect us all.

the US government wouldn't want to return to gold standard either so they might as well be looking forward to the digital gold after all we are all going digital.  but he must prepare since its not just US has Bitcoin, there are tons of countries that didn't made BTC illegal which a lot of people kept BTC as well.

i think Peter has a point in saying Biden would be selling all the BTC that US government hold before moving out o the office.
&t=2130s
Title: Re: Schiff: NO to Trump's plan making BTC a strategic reserve
Post by: Stompix on November 13, 2024, 09:00:27 PM
He is a bit right about the risks.

It's one thing to have your personal finances and some assets, to have a bitcoin personal reserve, now for a country, but would that be a good idea to expose yourself to price fluctuations this way? And if we ignore price fluctuations, what about an actual attack on that, China has no resources to attack the $ right now as it would first need to buy a ton of them to dump them and hurt their economy also, but let's assume they build their mining power again, how it would look to have a few trillion in strategic reserves while your main economic enemy has control over the hashrate?

I always said, let's separate personal finances from state finances, it's not the same thing.

Title: Re: Schiff: NO to Trump's plan making BTC a strategic reserve
Post by: Z-tight on November 13, 2024, 10:28:47 PM
BTC is truly volatile and once you are holding BTC, there is a risk of it either rising or falling, so if Trump goes on with his plan, the U.S. will be exposed to the risks of BTC.

However, if they hold BTC as a strategic reserve and the price rises and generates revenue for the government, then it is a good thing, but if the price falls, people will have bad things to say about the move. One thing people must understand is that strategic reserves are not sold quickly, the state is going to hold it for a very long time or until they see the need to use it.
Title: Re: Schiff: NO to Trump's plan making BTC a strategic reserve
Post by: yhiaali3 on November 14, 2024, 05:44:17 AM
Quote from: Gposas on November 13, 2024, 08:58:16 PM
If the development is adopted... I guess we'll be seeing some more higher rise in price and a greater reason for wider rate of acquiring this crypto asset (BTC) throughout the world and also a + for the US economy.
Yes, that's right, as I mentioned in my previous post, if the US government's Bitcoin reserve plan is adopted, it will give a huge boost to Bitcoin's confidence by big institutions and also governments of other countries.

As we know, all countries follow the United States, so if this bold plan is adopted by the United States and followed by several governments around the world, it will lead to price stability and adoption of Bitcoin as a valuable reserve asset alongside the dollar in all countries of the world.
Title: Re: Schiff: NO to Trump's plan making BTC a strategic reserve
Post by: Bobcrypto on November 14, 2024, 10:04:03 AM
Quote from: Stompix on November 13, 2024, 09:00:27 PM
He is a bit right about the risks.

It's one thing to have your personal finances and some assets, to have a bitcoin personal reserve, now for a country, but would that be a good idea to expose yourself to price fluctuations this way? And if we ignore price fluctuations, what about an actual attack on that, China has no resources to attack the $ right now as it would first need to buy a ton of them to dump them and hurt their economy also, but let's assume they build their mining power again, how it would look to have a few trillion in strategic reserves while your main economic enemy has control over the hashrate?

I always said, let's separate personal finances from state finances, it's not the same thing.

He is not right at all, and he can never be a bit, In short, i have personally considered Peter Schiff as an unserious person. A man that keeps predicting and failing can be be taken for serious.
In addition, many haters of the crypto economy are even secretly buying especially through the Bitcoin ETF market. However, some people that are still predicting a crash of Btc price may be sending negative speculations that may bring the price down for them to buy more.
Title: Re: Schiff: NO to Trump's plan making BTC a strategic reserve
Post by: LogitechMouse on November 14, 2024, 11:19:00 AM
I'm against Peter Schiff for most of the time especially now that he's an anti-Bitcoin, but with this one, I might side with him.
Like a few other users, I'm against the plan of Trump using BTC as a strategic reserve asset.

I'm not an economist or whatever, but I'm thinking that the US will be the only one that will benefit from this. I don't know the exact reason why I'm against this plan of his, but I'm thinking that instead of it being beneficial, it might be more harmful especially for us retail investors because they will further lessen the circulating supply of Bitcoin, and while it's good as it increases the price, it will give them the opportunity to at least manipulate the market.

Again, I'm not an expert, but I find this more harmful than beneficial. :) Don't criticize me. :P
Title: Re: Schiff: NO to Trump's plan making BTC a strategic reserve
Post by: robelneo on November 14, 2024, 01:35:24 PM
Quote from: TomPluz on November 13, 2024, 05:22:08 AM
Now, are you on the side of Peter Schiff or you think it is about time to add BTC to the reserve?

Schiff's thinking is so much like Buffet; the proof is already in front of them but they still choose to be pessimistic, If the US invested four years ago, they could have made a lot of profit.
I believe Trump will still proceed with his plan of making Bitcoin part of US reserves and if it succeeds, we will see more countries doing the same thing like what the US government did.
Title: Re: Schiff: NO to Trump's plan making BTC a strategic reserve
Post by: Lucius on November 14, 2024, 05:57:06 PM
Quote from: robelneo on November 14, 2024, 01:35:24 PM
Schiff's thinking is so much like Buffet; the proof is already in front of them but they still choose to be pessimistic, If the US invested four years ago, they could have made a lot of profit.
~snip~

For such an economy, even from our perspective, any possible profit that would result from investing in BTC would not mean too much in the overall financial balance. The total value of all BTC in circulation is about $1.75 trillion, while the total US budget for 2024 is about $6.75 trillion. A few thousand or tens of thousands of BTC bought at a price of say $20k and sold at x5 higher price would be just a drop in the ocean of what they need, taking into account the total income and deficit.
Title: Re: Schiff: NO to Trump's plan making BTC a strategic reserve
Post by: Stompix on November 14, 2024, 08:33:57 PM
Quote from: Bobcrypto on November 14, 2024, 10:04:03 AM
Quote from: Stompix on November 13, 2024, 09:00:27 PM
~

He is not right at all, and he can never be a bit, In short, i have personally considered Peter Schiff as an unserious person. A man that keeps predicting and failing can be be taken for serious.

At least he's offering reasons for that, you offer nothing, you criticize him simply because he's not aligning with your personal interest!
If he is that wrong about it why didn't you disprove my claim of how insecure would be for a country to hold its reserve in a coin that can be actively attacked if a country has a problem with it? If you were the US and you knew all the gear is produced in China and it would take 20 billion for them to threaten your 1 trillion reserves, would you do it?

Quote from: Lucius on November 14, 2024, 05:57:06 PM
A few thousand or tens of thousands of BTC bought at a price of say $20k and sold at x5 higher price would be just a drop in the ocean of what they need, taking into account the total income and deficit.

But he promised he will write a crypto check for all that debt!!!!  ;D
Title: Re: Schiff: NO to Trump's plan making BTC a strategic reserve
Post by: Lucius on November 15, 2024, 06:04:58 PM
Quote from: Stompix on November 14, 2024, 08:33:57 PM
Quote from: Lucius on November 14, 2024, 05:57:06 PM
A few thousand or tens of thousands of BTC bought at a price of say $20k and sold at x5 higher price would be just a drop in the ocean of what they need, taking into account the total income and deficit.
But he promised he will write a crypto check for all that debt!!!!  ;D

I would like to know if any of the promises regarding Bitcoin were true or if we won't hear Mr. Donald mention it until the end of his term. For someone to solve the debt that the US has, no politics are needed, but some kind of magic is needed instead.

Although now that we hear every day about the people who will be taking on important positions, I wonder what their official (and unofficial) meetings will look like, considering that there are people with very strange personalities - Mr. Mars, Gaetz, Hegseth... ::)

+1
Title: Re: Schiff: NO to Trump's plan making BTC a strategic reserve
Post by: Bobcrypto on January 20, 2025, 02:01:23 PM
Quote from: TomPluz on November 13, 2024, 05:22:08 AM
(https://www.biztechafrica.com/wp-content/uploads/2024/11/Peter-Schiff-Slams-Trumps-Strategic-Bitcoin-Reserve-Plan-1024x597.webp)

Quote

Gold bug and Bitcoin skeptic Peter Schiff has come out against Donald Trump’s plan to establish a strategic Bitcoin reserve to handle the US government’s growing debt, which stands at $36 trillion.

Schiff argued that initially, the planned $1 million purchase would lead to Bitcoin recording all-time highs, but the government would be forced to spend billions more to stabilize its price as early investors may begin to liquidate their holdings for profit, causing BTC to crash.

He noted that holding Bitcoin as a reserve asset to back the dollar is a bad idea because the cryptocurrency is highly volatile and liquidity risks that would compromise economic stability.

President-elect Donald Trump is going ahead with plans to establish the Bitcoin reserve, which gained traction after Sen Cynthia Lummis produced a bill regarding the matter in the Senate.


Read more of this development here. (https://www.biztechafrica.com/article/peter-schiff-slams-trump-plan/80484/)


Here comes Peter Schiff again acting like he is really an expert on Bitcoin when in fact his BIG prediction that it would collapse and would have a ZERO value in the end FAILED miserably...and now that BTC is surging and is about to go beyond $100K zone am sure it is time for this guy to go home and lick his wound.

I am supporting the possible move by Trump administration to add Bitcoin into the federal reserve and this can surely make Bitcoin solidify its position on the market as it is getting the approval and recognition from the world's still biggest economy.

Now, are you on the side of Peter Schiff or you think it is about time to add BTC to the reserve?

Mr. Peter Schiff is confused, he so depends on it earlier investment on Gold and become astonished immediately Bitcoin start moving and creating new records All Time High, beating his negative imaginations. This are some of the crypto haters that wished Bitcoin crashes to Zero so that they remained the richest guys in the society.

Well, Peter Schiff is already left behind, it is a pity that he failed to invest earlier, unfortunately Bitcoin look quite expensive for him now to accumulate large portions, hence he thinks he his in a better positions to persuade president Trump to aboundom his Bitcoin strategic reserve plans with flimsy excuses.
Honestly, we had gone past Peter Schiff dream of Bitcoin crashing to zero idea, we are looking for those who believe that Bitcoin can solve issues like, debt settlement, inflation hedge, stores of values etc, with the proposed bitcoin reserve.
Title: Re: Schiff: NO to Trump's plan making BTC a strategic reserve
Post by: Faisal2202 on January 20, 2025, 08:00:50 PM
Quote from: TomPluz on November 13, 2024, 05:22:08 AM
I am supporting the possible move by Trump administration to add Bitcoin into the federal reserve and this can surely make Bitcoin solidify its position on the market as it is getting the approval and recognition from the world's still biggest economy.

Now, are you on the side of Peter Schiff or you think it is about time to add BTC to the reserve?
I also support the move by Trump even though if I plan to book the profit too but that I have already booked months ago so now it don't matter, I hope this will come true and Trump will add BTC into their reserves. Speaking of this schiff dude he is also right to some point that to make the price more stable they might buy more or in other words we can say they will try to legalize it, which is already it is, or try to regulate it more for wide adoption.

The usecases with day to day application will also increases if that happens, overall it is a win win for BTC and we can make good profit if that happens, so I think if we consider this good news it's still the best time to buy BTC, what you think?