Joe Biden Urged to Ditch Bitcoin Stash by Peter Schiff

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Joe Biden Urged to Ditch Bitcoin Stash by Peter Schiff Longtime Crypto Skeptic

Written by Aaron S.,

Editor-In-Chief

Last Updated: December 11, 2024

Key Takeaways

Peter Schiff urges Biden to sell all US-seized Bitcoin, citing budget deficit relief and ending talk of a "Strategic Bitcoin Reserve";
Schiff contrasts Bitcoin’s speculative nature with gold's stability, though his own Bitcoin sales show a pragmatic side;
Schiff claims Biden selling Bitcoin could prevent Trump from leveraging it, reigniting debate on crypto’s role in US fiscal policy.

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Joe Biden Urged to Ditch Bitcoin Stash by Peter Schiff Longtime Crypto Skeptic

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Peter Schiff, an economist known for his skepticism toward cryptocurrency, proposed to President Joe Biden that the federal government sell all its seized Bitcoin BTC $91,426.96 , citing its potential to reduce the national budget deficit and end discussions of a "Strategic Bitcoin Reserve".

The idea of a national Bitcoin reserve has been floated in the past, particularly by Donald Trump. Still, Schiff remains a supporter of gold and consistently questions Bitcoin’s role in global finance.

He has long argued that Bitcoin’s price volatility and speculative nature make it unsuitable for serious economic planning. He has also criticized Bitcoin exchange-traded-funds (ETFs), claiming they contradict the decentralized principles on which crypto was built.

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However, Schiff’s actions occasionally seem to contradict his words. Last month, during a Bitcoin price rally, he attempted to sell his own Bitcoin Ordinals collection. Many saw this decision as opportunistic, especially given his frequent public arguments about cryptocurrency.

His comments sparked a flurry of reactions on social media. One X user pushed back, claiming that Trump had already hinted at a strategic Bitcoin reserve, inspiring other nations to follow suit. The user suggested that Bitcoin could one day overtake gold regarding market capitalization.

Schiff did not shy away from the challenge, responding:

No he [Trump] won't. He never promised to buy any Bitcoin, just not to sell what the government already owns. Biden can do him a favor by selling it all before Trump takes office. That way Trump won't have to break that campaign promise.

While Schiff's call to sell all federally seized Bitcoin stirs debates, Coinbase's Brian Armstrong recently took aim at the SEC's Caroline Crenshaw over Bitcoin ETFs, raising eyebrows across the industry. What sparked this public clash? Read the full story.