New Proposal from Bitcoin Hater Peter Schiff: "Let's Create a New Altcoin Reserve Fund Instead of a BTC Reserve Fund"

Peter Schiff, known for his harsh criticisms of the cryptocurrency market, has put forth his own proposal after the United States plans to create a strategic Bitcoin reserve.

Schiff proposes the creation of a new cryptocurrency to replace the strategic Bitcoin reserve, called USAcoin. He argues that the United States could save a lot of money this way.

Peter Schiff argues that this currency should be capped at a maximum supply of 21 million coins like Bitcoin. However, he believes that BTC has failed as a payment method, so the new coin could be applied for payments with an updated blockchain. In this way, he ironically expressed that everyone in the United States could become wealthy.

Schiff, who also has a humorous approach, suggested that the logo of the currency he proposed should feature the new President of the United States, Donald Trump, and Elon Musk, who is expected to have a significant influence on the administration.

Peter Schiff is known for being a strong advocate of gold. Schiff also owns a bank in Puerto Rico, which has been seized by the authorities and his customers cannot access their assets.