Well-known economist Peter Schiff questioned the real intentions behind former President Donald Trump‘s strategy of holding onto Bitcoin BTC/USD
What Happened: On Monday, Schiff took to X to voice his doubts about Trump’s plan to use seized Bitcoin to start a strategic U.S. reserve. He cast aspersions that if Trump truly intended to implement this strategy, he would have kept it under wraps until he was back in office.
“Now that the Biden administration is wise to his plan, they’ll make sure to sell every Satoshi before Trump takes office,” the Bitcoin skeptic remarked.
For the curious, Schiff’s comments come after the U.S. government transferred $2 billion worth of Bitcoin this afternoon, spurring fears of an imminent dump.
Why It Matters: Trump, during his keynote speech at a Bitcoin conference, advocated for a strategic national Bitcoin stockpile. He assured that if he were to return to the presidency, the U.S. government would retain its Bitcoin holdings.
While this strategy has been applauded by cryptocurrency enthusiasts, Peter Schiff was sharply critical. He questioned the point of owning Bitcoin if no one ever sells it, comparing it to living in poverty while dying and holding a large amount of the cryptocurrency.
Price Action: At the time of writing, Bitcoin was trading at $69,511.63, sinking 3.21% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Wikimedia Commons
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