Bitcoin critic Peter Schiff urged the US to sell its BTC holdings

Economist and crypto critic Peter Schiff has sparked a debate over the US government's Bitcoin strategy by asking President Joe Biden to sell all BTC held by the feds.

Schiff noted that removing these reserves could reduce the 2024 budget deficit and negate proposals for “strategic” consolidation. Bitcoin wait”

“One good thing Biden could do before he leaves office is sell all the Bitcoin currently held by the US government,” Schiff wrote on Twitter Monday. The money raised will not only reduce the 2024 budget deficit, but also stop all the nonsense about creating a harmful ‘strategic' bitcoin reserve.

One Twitter user responded to Schiff's comment: “Trump let the cat out of the bag; Now our competitors are making plans for their own strategic Bitcoin accumulation. The market price of gold has no chance against Bitcoin.

Schiff responded by emphasizing that Donald Trump had promised to maintain the current BTC reserves, not much. He suggested that Biden's immediate sales could prevent Trump from enacting such plans when he returns to office.

President-elect Donald Trump has previously proposed the establishment of a national BTC “stockpile”.

Meanwhile, global trends show increasing recognition of crypto as a hedge against inflation and geopolitical risk as countries like Russia, Brazil and Poland explore their own BTC reserves.

Schiff continues to champion gold by challenging BTC's role in national finances. He has previously criticized BTC exchange-traded funds (ETFs), stating that they undermine the decentralized nature of crypto.

Despite his continued criticism of the so-called “digital gold”, Schiff's actions suggest a more complex relationship with the world's largest crypto.

Just last month, when BTC hit an all-time high, Schiff tried to sell his own collection of Bitcoin Ordinals. This sale, seen by many as an opportunity, reflects his desire to gain from an asset he publicly denounces.

Edited by Stacy Elliott.