Peter Schiff criticizes Trump: Is Bitcoin reserve a conspiracy of donation tycoons?
Schiff reveals: Trump was 'forced' to establish a Bitcoin reserve
Peter Schiff, chief economist of European Pacific Capital, revealed that Trump signed an executive order to create a Strategic Bitcoin Reserve (SBR) under pressure from donors and his cabinet. He sarcastically stated that Trump only wants to use the Bitcoin the government already has as a façade, with no intention of spending money to buy more. The White House, however, argues that the Treasury Secretary and Commerce Secretary have been authorized to develop a 'zero-cost' acquisition strategy — as long as they can get it for free, such as confiscated Bitcoin, the government is willing to hoard it!
Is zero cost just an illusion?
Schiff insists that the executive order does not allow spending money to buy Bitcoin, 'Buying means paying money, that's not called zero cost!' But crypto enthusiast Ryan Park countered that the government could exchange gold for Bitcoin, spending not a dime of taxpayer money, while stabilizing gold's status amid the Bitcoin craze. He believes Bitcoin does not replace gold but is rather an 'addition,' reducing market volatility.
Gold for coins? Schiff is not convinced
Schiff scoffed: Exchanging gold for Bitcoin is no different from buying with cash; both incur the cost of real assets! He warned that if Trump does not rely on large-scale Bitcoin purchases to support the market, Bitcoin will eventually crash. 'Isn't this just a form of quantitative easing? The only difference is that they are buying Bitcoin instead of government bonds; it's ridiculous!' Schiff asserted that if the government liquidates its Bitcoin, the market may face a catastrophic disaster.
The truth behind Trump's 'market rescue'
On March 7, Trump officially signed an order to establish a Bitcoin reserve, planning to use 200,000 confiscated Bitcoins to maintain appearances. However, Schiff believes this is merely a stopgap measure that won't last long. Will Bitcoin rise or crash? This game has only just begun!
Schiff reveals: Trump was 'forced' to establish a Bitcoin reserve
Peter Schiff, chief economist of European Pacific Capital, revealed that Trump signed an executive order to create a Strategic Bitcoin Reserve (SBR) under pressure from donors and his cabinet. He sarcastically stated that Trump only wants to use the Bitcoin the government already has as a façade, with no intention of spending money to buy more. The White House, however, argues that the Treasury Secretary and Commerce Secretary have been authorized to develop a 'zero-cost' acquisition strategy — as long as they can get it for free, such as confiscated Bitcoin, the government is willing to hoard it!
Is zero cost just an illusion?
Schiff insists that the executive order does not allow spending money to buy Bitcoin, 'Buying means paying money, that's not called zero cost!' But crypto enthusiast Ryan Park countered that the government could exchange gold for Bitcoin, spending not a dime of taxpayer money, while stabilizing gold's status amid the Bitcoin craze. He believes Bitcoin does not replace gold but is rather an 'addition,' reducing market volatility.
Gold for coins? Schiff is not convinced
Schiff scoffed: Exchanging gold for Bitcoin is no different from buying with cash; both incur the cost of real assets! He warned that if Trump does not rely on large-scale Bitcoin purchases to support the market, Bitcoin will eventually crash. 'Isn't this just a form of quantitative easing? The only difference is that they are buying Bitcoin instead of government bonds; it's ridiculous!' Schiff asserted that if the government liquidates its Bitcoin, the market may face a catastrophic disaster.
The truth behind Trump's 'market rescue'
On March 7, Trump officially signed an order to establish a Bitcoin reserve, planning to use 200,000 confiscated Bitcoins to maintain appearances. However, Schiff believes this is merely a stopgap measure that won't last long. Will Bitcoin rise or crash? This game has only just begun!
