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Joe Biden Urged to Ditch Bitcoin Stash by Peter Schiff Longtime Crypto Skeptic

Key Takeaways

  • Peter Schiff urges Biden to sell all US-seized Bitcoin, citing budget deficit relief and ending talk of a "Strategic Bitcoin Reserve";
  • Schiff contrasts Bitcoin’s speculative nature with gold's stability, though his own Bitcoin sales show a pragmatic side;
  • Schiff claims Biden selling Bitcoin could prevent Trump from leveraging it, reigniting debate on crypto’s role in US fiscal policy.
Joe Biden Urged to Ditch Bitcoin Stash by Peter Schiff Longtime Crypto Skeptic

Peter Schiff, an economist known for his skepticism toward cryptocurrency, proposed to President Joe Biden that the federal government sell all its seized Bitcoin BTC $98,176.48 , citing its potential to reduce the national budget deficit and end discussions of a "Strategic Bitcoin Reserve".

The idea of a national Bitcoin reserve has been floated in the past, particularly by Donald Trump. Still, Schiff remains a supporter of gold and consistently questions Bitcoin’s role in global finance.

He has long argued that Bitcoin’s price volatility and speculative nature make it unsuitable for serious economic planning. He has also criticized Bitcoin exchange-traded-funds (ETFs), claiming they contradict the decentralized principles on which crypto was built.

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However, Schiff’s actions occasionally seem to contradict his words. Last month, during a Bitcoin price rally, he attempted to sell his own Bitcoin Ordinals collection. Many saw this decision as opportunistic, especially given his frequent public arguments about cryptocurrency.

His comments sparked a flurry of reactions on social media. One X user pushed back, claiming that Trump had already hinted at a strategic Bitcoin reserve, inspiring other nations to follow suit. The user suggested that Bitcoin could one day overtake gold regarding market capitalization.

Schiff did not shy away from the challenge, responding:

No he [Trump] won't. He never promised to buy any Bitcoin, just not to sell what the government already owns. Biden can do him a favor by selling it all before Trump takes office. That way Trump won't have to break that campaign promise.

While Schiff's call to sell all federally seized Bitcoin stirs debates, Coinbase's Brian Armstrong recently took aim at the SEC's Caroline Crenshaw over Bitcoin ETFs, raising eyebrows across the industry. What sparked this public clash? Read the full story.

Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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