The post Selling Bitcoin Could Cut Budget Deficit appeared on BitcoinEthereumNews.com.

Renowned Bitcoin critic and economist Peter Schiff has stirred fresh controversy by urging President Joe Biden to sell all Bitcoin currently held by the US government. Schiff, a longtime detractor of cryptocurrency, tweeted that liquidating these assets would help reduce the 2024 budget deficit. He says it would also eliminate any speculation about establishing a US “Strategic Bitcoin Reserve.” Peter Schiff Wants Strategic Bitcoin Reserve Plans Quashed Barely a day after calling Bitcoin the public enemy number one, Peter Schiff, the gold proponent, has taken another jab at the pioneer crypto. “The one good thing Biden can do before leaving office is sell all the Bitcoin currently held by the US Govt. Not only would the money raised reduce the 2024 budget deficit, but it would put an end to all the nonsense about creating a harmful ‘Strategic’ Bitcoin Reserve,” Schiff stated. Schiff’s remarks were met with immediate pushback from cryptocurrency advocates. A popular user on X (formerly Twitter), identified as BitBuyer313, countered. “Then we’d just have to buy in at a higher price. Trump already let the cat out of the bag; now our competitors are working out plans for their own strategic Bitcoin reserves. Game theory already won this, Peter. Gold’s market cap doesn’t stand a chance against Bitcoin,” the user challenged. Schiff responded by asserting that former President Donald Trump never pledged to buy Bitcoin. Instead, he committed only to retain what the government currently holds. Schiff also argued that Biden selling these reserves now would prevent Trump from having to fulfill such a promise should he return to office. In hindsight, during his campaign, Trump announced plans to create a “strategic national Bitcoin stockpile,” using BTC seized by the government. “It will be the policy of my administration to keep 100% of all the Bitcoin the US…

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Filed under: News - @ December 10, 2024 8:19 am