Schiff: NO to Trump's plan making BTC a strategic reserve

[Z-tight]

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.

[yhiaali3]

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.

[Bobcrypto]

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.

[LogitechMouse]

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.

[robelneo]

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.

[Lucius]

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.

[Stompix]

~

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?

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!!!! 

[Lucius]

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!!!! 

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

[Bobcrypto]

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.


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.

[Faisal2202]

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?