Peter Schiff: US Bitcoin Reserve Could ‘Destroy Dollar,’ Predicts It’s ‘Highly Unlikely’ To Happen
Posted On November 11, 2024
Renowned economist Peter Schiff has issued a stark warning about the U.S. government establishing a Bitcoin (CRYPTO: BTC) reserve, predicting that such a move would end in economic catastrophe.
What Happened: Schiff suggested on Monday on X that if the U.S. government began buying Bitcoin, it would have to continuously increase its holdings, driving the price so high that investors would cash out, triggering a market crash.
“If the U.S. government actually established a Bitcoin reserve and bought 1 million BTC, it might end up buying millions more,” Schiff tweeted.
The economist warned that to keep up appearances, the government would have to print more dollars to buy …
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