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

[TomPluz]

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?

[yhiaali3]

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.

[bitterguy28]

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

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

[Charles-Tim]

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.

[Kemarit]

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.

[hugeblack]

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.

[ABCbits]

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.

[NotATether]

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.

[KingsDen]

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.

[Lucius]

~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.

[MrSpasybo]

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.

[_act_]

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.

[Gposas]

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.

[electronicash]

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

[Stompix]

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.