As an analyst with over two decades of experience in the financial sector, I find Peter Schiff’s proposal for a government-backed Bitcoin copy, the “USA Coin,” intriguing yet questionable. Having closely followed Schiff’s career and his strong stance against cryptocurrencies, it seems somewhat ironic that he is now suggesting a state-issued digital currency.
Financial commentator Peter Schiff has suggested the idea of creating a government-backed Bitcoin copy called “USA Coin.”
Schiff, who is known for his skepticism towards cryptocurrencies, has proposed an alternative plan instead of setting up a tactical Bitcoin reserve.
The gold bug argues that the U.S. government could potentially save a lot of money by opting for its own cryptocurrency instead of investing in Bitcoin.
The analyst, aged 61, suggested limiting the total issuance of U.S.A Coin to a maximum of 21 million units, stating that “U.S.A Coin will have the same scarcity as Bitcoin but offer additional functionality.
As an analyst, I find it crucial that the underlying blockchain technology of this government-issued cryptocurrency should be significantly upgraded to ensure its practicality and efficiency in facilitating transactions.
“This way we can all get rich,” Schiff said while promoting his idea.
On the popular cryptocurrency betting platform, Polymarket, there’s a prediction of approximately one-third probability that a strategic Bitcoin reserve will be established within the United States by early 2025.
This year, Senator Cynthia Lummis from Wyoming proposed a bill aimed at compelling the U.S. federal government to establish a strategic Bitcoin reserve.
Over the last several months, an initially unconventional concept has started to garner support, particularly among Bitcoin enthusiasts who believe it could serve as a significant driver of price increase in 2025.
According to U.Today’s report, MicroStrategy co-founder Michael Saylor has suggested that the U.S. government should consider replacing physical gold with a digital form instead.
Schiff strongly disagrees with the proposal to establish a national Bitcoin reserve. Recently, he cautioned that such a move might unnecessarily deplete the nation’s resources, using the word “dissipate” instead of “squander.
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2024-12-22 13:18