📉 US economist advises Biden to sell Bitcoin

Prominent American economist Peter Schiff recently suggested on the X platform that US President Joe Biden should sell all US Bitcoin holdings before leaving office to help reduce the ballooning budget deficit.

Schiff believes this is "one good thing" Biden can do before paving the way for Trump's term.

The U.S. government currently holds more than 198,000 Bitcoins worth nearly $19.48 billion, according to on-chain analytics firm Arkham Intelligence. Schiff believes that selling these Bitcoins will not only reduce the budget deficit in 2024, but also end all the nonsense about building harmful "strategic" Bitcoin reserves.

However, Schiff warned that such an approach could lead to economic disaster, as governments might have to keep increasing their Bitcoin holdings, which could trigger a market collapse and ultimately severely devalue the dollar, leading to hyperinflation.

Did you throw it away?