CandleFocus Bitcoin Foe Peter Schiff Made a Statement After the Big Surge: Assesses Scenario of US Government Buying 1 Million BTC
2024-11-11
Author: Content Editor
Economist Peter Schiff has warned against the US government creating a Bitcoin reserve, stating that it could lead to hyperinflation and financial collapse. Schiff's comments come in response to recent discussions about the possibility of the US government acquiring a significant Bitcoin reserve. He theorized that a large purchase of 1 million Bitcoins would drive prices to unprecedented highs, triggering existing Bitcoin holders to cash out and causing prices to plummet. Schiff argued that the US government would have to print more dollars to keep buying Bitcoin, leading to a devalued dollar and inflationary spiral. He also warned that the collapse of the dollar would force the government to sell its Bitcoin holdings, potentially leading to Bitcoin's own collapse and wiping out savings held in Bitcoin or dollars. Schiff believes that the US government is unlikely to adopt such a policy due to the potential economic consequences.
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