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Renowned investor and financial analyst, Peter Schiff, presented an idea to counter Donald Trump’s Bitcoin strategic reserve plan. As is well known, the expert is one of the biggest detractors of cryptocurrencies and in his constant calls he calls for a ban. The latter has made him one of the most popular archenemies of the crypto community.
In a recent post on X, the investor suggested that instead of adding BTC to the country’s reserves, something different should be thought of. In that sense, he proposed creating a currency called USAcoin, which can be converted into a national treasure.
Schiff’s currency idea would also have a limited supply of 21 million units. In addition, it should work through the blockchain to ensure its usability as an exchange currency. According to the expert, this initiative would allow the country to get rid of what he considers an error in entering BTC into US reserves.
So far, the investor does not clarify whether his publications are a joke to mock BTC or are a serious proposal. Apparently this is the first case, considering later publications with image design proposals for that hypothetical currency.
Instead of creating a #Bitcoin strategic reserve, the US could save a lot of money by creating #USAcoin. Just like Bitcoin, the supply can be capped at 21 million, but with an upgraded blockchain to make USAcoin actually viable for use in payments. This way we can all get rich.
— Peter Schiff (@PeterSchiff) December 21, 2024
Schiff doesn’t like Bitcoin entering US strategic reserves.
Peter Schiff is one of the biggest detractors of cryptocurrencies, while he is a fan of gold investments. Hence, the proposal to incorporate Bitcoin into the strategic reserves of the United States does not please him at all. In his opinion, placing BTC next to gold in reserves amounts to sacrilege.
Hence, he constantly tries to ridicule or demonstrate (with his opinions) the supposed inconvenience of adopting Bitcoin. Recently, he asked the outgoing US authorities to do a scorched earth act before handing over power and selling the government’s BTC. In his opinion, this would cause a collapse of the Cryptocurrency, which would allow it to assassinate the myth of its followers that it is a store of value.
On the other hand, it stands out that Schiff is one of the first to constantly react to Michael Saylor’s publications. The latter is one of the world’s greatest Bitcoin evangelists.
Schiff’s proposal on USAcoin, if not sarcasm, would be a huge contradiction. In short, it practically proposes the creation of BTC, but with another name and centralized. This becomes more curious considering that he calls himself an advocate of real money and metal-based decentralization.
The face of Donald Trump and Elon Musk appears in Peter Schiff’s USAcoin coin design.
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