Bitcoin

President Trump

Reserve

President Donald Trump

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/peter-schiff-critiques-donald-trumps-bitcoin-reserve-proposal/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Peter Schiff Critiques Donald Trump’s Bitcoin Reserve Proposal</a><br></p>
<p style="text-align: justify">Economist Peter Schiff critiques the strategic Bitcoin reserve plan proposed by former U.S. President Donald Trump if he is re-elected. While many industry leaders and some lawmakers welcome the proposal, Schiff warns that this move could harm the U.S. economy.</p>
<h2 id="dangerous-bitcoin-reserve-cycle">Dangerous Bitcoin Reserve Cycle</h2>
<p style="text-align: justify">Schiff voiced concerns about the promotion of BTC as a primary investment tool. He suggested that if the U.S. government were to create a Bitcoin reserve and purchase 1 million BTC, it could potentially buy even more. He argued that this initial purchase would drive Bitcoin prices to new heights, resulting in substantial gains for early investors.</p>
<p style="text-align: justify">Following this price surge, Schiff posited that investors might sell their BTC for profits. He indicated that this scenario could lead to a rapid depletion of the government’s BTC assets. Additionally, he noted that the government could resort to printing more dollars to stabilize prices, which he deemed unsustainable.</p>
<blockquote>
 <p>“If the U.S. government buys 1 million Bitcoins, it could push the price to very high levels, allowing many investors to realize significant gains.” – Peter Schiff</p>
</blockquote>
<h2 id="political-and-international-developments">Political and International Developments</h2>
<p style="text-align: justify">Plans for Bitcoin reserves in Congress received backing with Senator Cynthia Lummis’s introduction of a related bill. Elected President Trump reiterated his plans concerning Bitcoin, sparking optimism in the sector. Countries like Bhutan have increased their Bitcoin reserves, surpassing $1 billion.</p>
<p style="text-align: justify">Meanwhile, while some industry leaders support the BTC reserve plan, Schiff remains committed to gold. He emphasized that gold has a more solid standing as a precious metal and has stood the test of time.</p>
<p style="text-align: justify">Currently, Bitcoin’s price has surged to $87,300, reaching a new all-time high with a 10% increase within 24 hours. The Bitcoin reserve proposals continue to spark various discussions in economic and political arenas, highlighting differing opinions and strategies.</p>
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Peter Schiff Critiques Donald Trump’s Bitcoin Reserve Proposal

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