Renowned investor and financial analyst Peter Schiff has put forward an idea to counter Donald Trump's Bitcoin strategic reserve plan. As is well known, the expert is one of the biggest detractors of cryptocurrencies and constantly calls for their ban. The latter has made him one of the most popular arch-enemies of the crypto community.
In a recent post on X, the investor suggested that instead of adding BTC to the country's reserves, one should think about something different. In that sense, he proposed creating a currency called USAcoin, which can be turned into a national treasure.
Schiff's coin idea would also have a limited supply of 21 million units. In addition, it would have to work through the blockchain to ensure its usability as a currency of exchange. According to the expert, this initiative would allow the country to get rid of what he considers a mistake in entering BTC into the US reserves.
So far, the investor has not clarified whether his posts are a joke to make fun of BTC or are a serious proposal. Apparently, this is the former case, considering later posts with image design proposals for that hypothetical currency.
Instead of creating a #Bitcoin strategic reserve, the US could save a lot of money by creating #USAcoin . Just like Bitcoin, the supply can be capped at 21 million, but with an upgraded blockchain to make USAcoin actually viable for use in payments. This way we can all get rich.
Schiff doesn't like Bitcoin entering US strategic reserves
Peter Schiff is one of the biggest critics of cryptocurrencies, while also being a fan of gold investments. That is why he is not at all happy about the proposal to incorporate Bitcoin into the United States' strategic reserves. In his opinion, placing BTC next to gold in the reserves is equivalent to sacrilege.
Hence, he constantly tries to ridicule or demonstrate (with his opinions) the supposed inconvenience of adopting Bitcoin. Recently, he called on the outgoing US authorities to carry out a scorched earth act before handing over power and selling the government's BTC. In his opinion, this would cause a collapse of the cryptocurrency, which would help to kill the myth of its followers that it is a store of value.
On the other hand, it is noteworthy that Schiff is one of the first to consistently react to Michael Saylor's posts. The latter is one of the world's biggest Bitcoin evangelists.
Schiff's USAcoin proposal, if not sarcastic, would be a huge contradiction. In short, he is practically proposing the creation of BTC, but with a different name and centralized. This is made more curious considering that he calls himself a defender of real money and decentralization based on metals.
Peter Schiff's USAcoin design features the faces of Donald Trump and Elon Musk.