Is USA Coin Coming? Will It Be an Alternative to Bitcoin Reserve?

Economist Peter Schiff offered an alternative solution to the proposed Strategic Bitcoin Reserve for the United States and suggested USA Coin. Senator Cynthia Lummis stated that the BTC Reserve aims to reduce the country’s $36 trillion national debt. However, those who oppose the BTC Reserve are concerned that this system could change the dollar’s ​​global balance of power.

Peter Schiff stated that it would be more economical for the US to create ‘USA Coin’ instead of the Strategic Bitcoin Reserve. Schiff suggested that this alternative could significantly reduce costs by limiting the supply of USA Coin to 21 million like Bitcoin. Schiff added that USA Coin should be supported by advanced blockchain technology in order to provide a more efficient payment solution. He also reiterated his skepticism towards Bitcoin and criticized the Strategic Bitcoin Reserve.

Senator Lummis defended the BTC Reserve plan to reduce the national debt as part of the 2024 Bitcoin Act bill. Matthew Sigel of VanEck noted that the BTC Reserve could offset 36% of the national debt by 2050. However, Nic Carter of Castle Island Ventures warned that the BTC Reserve could undermine the dollar’s ​​role as the global reserve currency.

“The BTC Reserve could undermine the Dollar’s ​​role as a global reserve currency,” Carter said. In response to this view, Ki Young Ju, CEO of CryptoQuant, agreed that the Strategic Bitcoin Reserve could be a valid solution to offset U.S. debt.

Despite Peter Schiff’s criticism, the idea of ​​creating a BTC Reserve in the US still finds support. These discussions, which focus on Bitcoin’s potential to contribute to the US economy, will determine how the process of creating a reserve will proceed. Over time, it will become clear which solution will be implemented and what its economic effects will be. This process continues to be a matter of great curiosity among economic experts and policymakers.

In conclusion, the discussions on the Strategic Bitcoin Reserve and alternative solutions mark an important turning point for the future of the US economy.