Peter Schiff, a prominent economist, recently suggested that President Joe Biden should sell all U.S.-owned Bitcoin before leaving office. He believes this move could significantly reduce the nation’s budget deficit, which is increasing rapidly. In his message, Schiff described it as the “one good thing” Biden could do and mentioned that selling the Bitcoin would also eliminate concerns about establishing a “strategic” Bitcoin Reserve. Schiff criticized Donald Trump, claiming that selling the Bitcoin would help him avoid breaking a campaign promise not to sell government-owned crypto assets. As of now, the U.S. government holds over 198,000 Bitcoin, valued at nearly $19.5 billion.
Influential economist Peter Schiff recently recommended that President Joe Biden take one significant action before his term concludes: sell all the Bitcoin owned by the U.S. Schiff’s suggestion comes as part of his broader commentary on the nation’s budget deficits and financial strategies.
In a post on X (formerly Twitter), Schiff described this move as the “one good thing” Biden could do before handing over the presidency to Donald Trump. He argued that selling the U.S. Bitcoin stockpile would help reduce the national budget deficit for the upcoming year. Currently, the U.S. government holds over 198,000 Bitcoin, with a Market value nearing $19.48 billion.
Schiff believes that this sale would also eliminate ongoing discussions about a potential “strategic” Bitcoin reserve, which he sees as unnecessary. He suggested that Biden could help Trump by making this sale, enabling Trump to avoid breaking a campaign promise not to sell government-owned Bitcoin assets.
Why does this matter? Schiff’s remarks refer to an initiative pushed by Trump to establish a Bitcoin reserve, which has been supported by lawmakers like Senator Cynthia Lummis. While some advocate for maintaining these assets as a way to leverage Bitcoin’s value for debt repayment, Schiff warns that such a strategy poses significant risks, potentially leading to economic instability.
As discussions about the U.S. Bitcoin reserve continue, Schiff’s comments highlight a growing debate over the government’s cryptocurrency holdings and their potential implications for national finances.
Tags: Peter Schiff, Joe Biden, Bitcoin, U.S. budget deficit, cryptocurrency policy, Donald Trump, economic strategy
What does “Sell All The Bitcoin” held by the US mean?
When people say “Sell All The Bitcoin” held by the US, they are talking about the idea of the U.S. government selling its large amount of Bitcoin. This Bitcoin was seized from illegal activities or bought through various means.
Why does the US have Bitcoin?
The US government has Bitcoin mainly because it confiscated it during criminal investigations. Sometimes, it also buys Bitcoin through legal methods when it is involved in cryptocurrency-related cases.
What would happen if the US sold its Bitcoin?
If the US sold all its Bitcoin, it could impact the Market. Prices might drop because a large amount of Bitcoin flooding the Market would increase supply. This could cause panic among investors and decrease trust in Bitcoin’s value.
How much Bitcoin does the US actually have?
As of now, the US government holds about 200,000 Bitcoin. This amount is substantial and represents a significant portion of the total Bitcoin supply.
Could selling the Bitcoin benefit the US government?
Yes, selling the Bitcoin could benefit the US government financially. The sale could generate a considerable amount of money, which could be used for various public services or to address financial shortfalls. However, the long-term impact on the cryptocurrency Market might need careful consideration.
