🚨 Economist Peter Schiff offers sharp commentary on America's Bitcoin strategic vision
Economist Peter Schiff has recently criticized the U.S. Bitcoin policy. He believes that if the U.S. prioritizes Bitcoin as a national issue, it will hinder the American economy. Schiff directly confronted Trump on social media, stating that wanting the U.S. to become the global leader in cryptocurrency is not reliable.
Schiff stated that Trump's support for cryptocurrencies has led Wall Street to invest in the wrong places, diverting funds to Bitcoin and related companies. He said, "Becoming a Bitcoin superpower will make America weaker," which seems somewhat like a satire of Trump's slogan to "Make America Great Again."
Schiff also predicts that companies like MicroStrategy, which have hoarded large amounts of Bitcoin (accumulating over 386,000 coins worth about $35 billion), are actually "undermining its value." He referred to their stock as the highest-valued asset in the MSCI global index and believes that the company's stock will eventually face a "disastrous failure."
Schiff warned that if the government buys large amounts of Bitcoin, it could push prices even higher, which might prompt investors to sell off, thus devaluing the government's Bitcoin reserves. He is also concerned that to maintain purchasing power, the government might print more money, leading to a vicious cycle of inflation for the dollar.
However, the cryptocurrency community does not buy Schiff's statements. Some questioned his understanding of cryptocurrency's premium abilities, while others mocked him for criticizing Bitcoin for years without ever being correct. There are also those who believe he is provoking and should accept the rise of Bitcoin instead of resisting it.
Furthermore, Schiff is skeptical about the feasibility of Bitcoin as a national reserve asset, arguing that Bitcoin is more volatile compared to gold, whose market value continues to grow steadily.
💬 Finally, do you agree with Peter Schiff's views? Do you think the vision of the U.S. using Bitcoin as a strategic reserve to offset U.S. debt is feasible? Come share your thoughts!
