Trump’s Bitcoin Strategy Comes Under Fire By Peter Schiff

• Well-known economist Peter Schiff has questioned the real intentions behind former President Donald Trump‘s strategy of holding onto Bitcoin.

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.

If #Trump really intended to use seized #Bitcoin to start a U.S. "strategic" reserve, he'd have kept his intention a secret until he was actually in office. Now that the #Biden administration is wise to his plan, they'll make sure to sell every Satoshi before Trump takes office.

— Peter Schiff (@PeterSchiff) July 29, 2024

“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.

BREAKING:

The US. Government just moved $2B of Bitcoin to a new address:

bc1qsl993y04xnq4fyhmrt6cnmctgjjv9ukdvrk0cd pic.twitter.com/JQvjKIuRNn

— Arkham (@ArkhamIntel) July 29, 2024

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.

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