Peter Schiff Urges U.S. Government to Sell All Bitcoin Holdings

Renowned Bitcoin critic Peter Schiff has suggested that U.S. President Joe Biden should sell all the Bitcoin held by the government, thereby preventing the creation of a strategic reserve in the leading cryptocurrency.

The one good thing #Biden can do before leaving office is sell all the #Bitcoin currently held by the U.S. 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.

— Peter Schiff (@PeterSchiff) December 9, 2024

“The one good thing Biden can do before leaving office is sell all the Bitcoin currently held by the U.S. Government. The money raised would not only reduce the 2024 budget deficit but also put an end to all the nonsense about creating a harmful ‘strategic’ Bitcoin reserve,” Schiff stated.

One commentator responded to the critic, arguing that it is already too late to abandon the idea of a digital gold reserve—Donald Trump has publicly expressed intentions, prompting U.S. competitors to develop their own alternatives.

Many experts assert that U.S. moves towards establishing a national Bitcoin reserve serve as a significant incentive for governments worldwide to create similar reserves.

Meanwhile, former U.S. Treasury Secretary Lawrence Summers has called the idea of a strategic reserve “madness.” In his view, it merely panders to generous sponsors of Trump’s campaign from the crypto industry.

Back in November, Peter Schiff promoted his NFT collection on Bitcoin.