Donald Trump

Biden

Bitcoin

Joe Biden

Vocal crypto critic and economist Peter Schiff is at it again, asking Bitcoin (BTC) holders to dispose of their holdings.&nbsp;
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&nbsp;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&nbsp;Bitcoin&nbsp;Reserve.”
<h2 id="b-trump-and-lummis-fights-for-bitcoin-strategic-reserve-in-the-us-b">Trump And Lummis Fights For Bitcoin Strategic Reserve in the US</h2>
<a href="https://thecoinrise.com/bitcoin-hits-new-ath-as-trump-nears-presidency-bulls-brace-for-post-election-volatility/" rel="noopener noreferrer nofollow">President-elect Donald Trump</a> is keen on establishing a <a href="https://thecoinrise.com/global-bitcoin-arms-race-accelerates-amid-strategic-reserve-proposals/" rel="noopener noreferrer nofollow">Bitcoin strategic reserve</a> in the United States.&nbsp;
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&nbsp;Bitcoin&nbsp;into the mainstream financial system. Like Trump, her goal is to make it a reserve asset for the US eventually.&nbsp;
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.
<h2 id="b-peter-schiff-on-the-bitcoin-strategic-reserve-b">Peter Schiff on the Bitcoin Strategic Reserve&nbsp;</h2>
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 <a href="https://thecoinrise.com/brazil-eyes-strategic-bitcoin-reserve-to-strengthen-economy/" rel="noopener noreferrer nofollow">creating a national Bitcoin reserve</a> to strengthen the country’s economy.&nbsp;
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,&nbsp;has <a href="https://thecoinrise.com/polish-presidential-hopeful-mentzen-pledges-bitcoin-reserve-plan/" rel="noopener noreferrer nofollow">pledged to establish a national Bitcoin reserve</a> if elected.&nbsp;
<h2 id="b-sell-btc-holding-and-end-trump-s-bitcoin-strategic-reserve-plan-b">Sell BTC Holding and End Trump’s Bitcoin Strategic Reserve Plan</h2>
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.&nbsp;
Therefore, he thinks that selling the current stash from numerous seizures will stop Trump from continuing his plans for a Bitcoin strategic reserve. <a href="https://thecoinrise.com/peter-schiff-ignites-new-debate-in-the-crypto-community/" rel="noopener noreferrer nofollow">Schiff’s stance</a> 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 <a href="https://thecoinrise.com/peter-schiff-advises-joe-biden-to-sell-us-bitcoin-holdings/" rel="noopener noreferrer nofollow">Peter Schiff Advises Joe Biden to Sell US Bitcoin Holdings</a> appeared first on <a href="https://thecoinrise.com/" rel="noopener noreferrer nofollow">TheCoinrise.com</a>.

Peter Schiff Advises Joe Biden to Sell US Bitcoin Holdings

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