CandleFocus Bitcoin in US Reserves Would Crash Market, Peter Schiff Explains Why
2024-11-08
Author: Content Editor
Peter Schiff is critical of the idea of Bitcoin serving as part of the US strategic reserve due to its volatility and potential impact on market stability. He disagrees with Tom Lee's suggestion that Bitcoin could help offset the US budget deficit, stating that a large Bitcoin reserve would be worthless as the government could not sell it without crashing the market. Schiff argues that Bitcoin's volatility and illiquidity make it unsuitable as a serious reserve asset and warns against misplaced optimism about its use by governments.
Related News
Binance's CZ Issues Stark Warning as Bitcoin Climbs Higher! Bitcoin breaks above $77,000 for first time as VanEck CEO sees $300,000 potential Base reached new transaction record with minimal rent to Ethereum Polymarket open interest drops 64% after US presidential election Crypto Biz: US elections crown Polymarket FTX tries to reclaim $11M from Crypto.com-controlled Alameda account Canadian police praise Tether for 'swift' recovery of stolen funds Federal Reserve Meeting: Highlights From Jerome Powell's Speech And Impact On Bitcoin Gary Gensler Asked To Immediately Resign As SEC Chair Solana's GRASS Surges 14% Amid Binance Perpetuals Listing 3 Altcoins to Buy for Bigger Gains Than Bitcoin in Post-Election Rally Shiba Inu Price Eyes 300% Rally As SHIB Whale Activity Surges GRASS Price Surges Nearly 200% In One Week, Riding High on Airdrop and BTC Rally Chair Powell says he won’t step aside if Trump asks Bitcoin Hits Another Milestone, Topping $77K for First Time; Funding Rates Suggest Crypto Rally Can Keep Going MicroStrategy shares up 20% in the week following Trump’s victory, rate cuts How theunipcs.eth Made Millions: Turning DOGE & MAGA Investment of $641K into Over $5M N3TWORK’s game ‘Legendary Heroes: Unchained’ launches on Base Bitcoin outperforms during periods of monetary expansion Ethereum Bear Liquidated for $23M as ETH Eyes $3K, BTC Notches New ATH Is This The Secret Reason Behind BlackRock's Stake Acquisition in Millennium? This Catalyst Could Trigger Ethereum To Explode by Nearly 70%, According to Coin Bureau’s Guy Turner Bitcoin Rockets to $77K as MicroStrategy's Saylor Makes Stunning Prediction Tether helps Canadian police recover stolen crypto Bitcoin at $77k 48hrs after US elections Market Forecasts Highlight CHZ, CEEK, and Floki Ethereum enters ‘scarcity mode,’ paving the way for ETH rally to $6K — Analyst Solana (SOL) Price Nears Its Highest Level in 8 Months Republicans won the Senate, but 2 crypto races are still up for grabs Germany misses $1.1B in profits as Bitcoin hits a new all-time high Solana upgrades software as validators see fortunes shift Half Way Through The 4 Year Bitcoin Cycle CZ, Former CEO of Binance, Speaks Out After New Record in Bitcoin ? BREAKING NEWS: Bitcoin Price Breaks Record Again! $77,000 Seen! BREAKING: SEC Postpones Options Decision for Ethereum Spot ETFs – Here are the Details XRP Price Gains 6%, Eyes $0.60 Target for Next Week Ethereum Whale Sells 29,897 $ETH for $84.87M Profit DOT Cryptocurrency Breaks Out of Falling Wedge, Signaling Potential Bullish Rally Ahead Pro crypto treasury secretary could be appointed under Trump 2.0, according to Polymarket Ethereum devs mark milestone ahead of Devcon Don’t Lose Sight Of The Bitcoin Mission Bitcoin’s NUPL in ‘Belief’ Stage: Will $80K Be The Peak For BTC? Why Ethereum traders are closely watching ETH/BTC charts — Spoiler alert, it's bullish 'Nifty Island' Ends Play-to-Airdrop Push—Here's When to Expect the ISLAND Token US Congressman Mike Collins buys ETH worth $80k Will OM Price Hit New ATH As Mantra Unveils 50M Airdrop Details? Price analysis 11/8: BTC, ETH, SOL, BNB, XRP, DOGE, TON, ADA, SHIB, AVAX SHIB Technical Setup Shows Meme Coin Is Positioned for Potential 30% Rally Bitcoin’s Path to the Top: What It Will Take to Dethrone Silver, Apple, Nvidia, and Gold Crypto Fear & Greed Index Drops to 75, Enters the ‘Greed’ Zone Spirit Blockchain Acquires Dogecoin Holdings To Boost DOGE Adoption Synthetix perps DEX acquires Kwenta to unify ‘strategic priorities’ of both protocols Whales Continue to Accumulate Bitcoin, 1,910 $BTC Withdrawn in 24 Hours CZ Reacts to Anniversary of FTX Disaster Singapore, France monetary authorities test quantum-proof security Bitcoin’s leverage ratio reaches the highest level since late 2021, signals volatility ahead Crypto.com to Cover X Blue Checks in Free Speech Move Lack of blockchain literacy feeds lawmaker apprehension — Lee Bratcher Trading expert sets Bitcoin price for the weekend; Should you follow suit? Trump’s election and surging Solana memecoin activity set positive tone for crypto markets, say Coinbase analysts Analyst sets XRP price roadmap to $5.85 Layer 1 blockchain developer Pharos raises $8 million in seed funding Ethereum Price Breaks 90-Day Accumulation Amid Whales Sell-off; Is $4,000 Close? $9.3B stablecoin exchange inflows have traders bracing higher Bitcoin prices Ex-Cardano Project MELD Closes Amid Suspicious Circumstances Crypto-backed candidates notch more wins as House results trickle in Crypto market cap could triple by end of 2026 with Republican sweep of US Congress: Standard Chartered analyst Vitalik Buterin Surprised by Low Deepfake Activity in 2024 Elections 'See you in hell': crypto trader Cobie burns gifted 60% supply of Pump.fun Solana memecoin 'UPONLY' Galaxy set for more gains after 25% rise on Trump win: Analyst Hailey Welch is now a crypto influencer, did she leak her meme addresses by accident? Ethereum (ETH) Surges 20%: Whales Return Amid Overbought Concerns Bitcoin Google search spike after Trump victory signals retail investor interest Tron-based SUNDOG Soars 8% but This Might Be a Bull Trap JPMorgan maintains positive outlook on Jack Dorsey's Block despite disappointing Q4 forecast Trump’s presidency could bring SEC reform and pro-crypto regulations Here’s what happened to Ripple’s prepared ‘largest XRP dump’ in 7 years Cardano Conducts Major Protocol Update, See What Changed Ripple Price Analysis: Is XRP on the Verge of an Explosive Rally to $0.7 Soon? Alchemy Pay Secures Four New US State Licenses to Boost Reach Out This Week in Meme Coins: NEIRO, APU Form new All-Time Highs, CAT Rallies 33% Pendle Price Stalls As Team Wallet Dumps; Is a 66% Dive Likely? Dogecoin (DOGE) Global Adoption May Skyrocket After This: Details Massive Bull Flag on Solana Chart Points to $1,400 Target: Analysis Alleged FTX hacker asks for permission to attend Chuck E. Cheese Crypto Whales Bought These Altcoins in the First Week of November 2024 Toncoin (TON) Price Prediction for November 8 AI predicts Cardano price for year-end Democrats Must Embrace Bitcoin To Survive Polkadot price forms a rare pattern, 76% jump possible Bitcoin in US Reserves Would Crash Market, Peter Schiff Explains Why What's Next for Bitcoin (BTC)? Analysts Share What They Expect After Trump's Victory! Ready to Go? Michael Saylor Reacts as Bitcoin (BTC) Nears Historic Highs Bitcoin Price Analysis: BTC Bulls Eye $80K Following 8% Weekly Surge Bitcoin (BTC) Price Prediction for November 8 Dutch Court Orders Binance to Disclose User Identity in €186,000 Fraud Case Maker’s ‘botched’ rebrand hasn’t deterred Framework Ben Armstrong aka BitBoy Explains XRP to Trump’s Son Don Jr. What XRP Open Interest Teases About Price Trend Australia’s central bank seeks feedback on wholesale CBDC, tokenized markets ? BlackRock’s Bitcoin ETF overtakes its Gold ETF in size BIS Exits from China Backed mBridge CBDC Project After BRICS Summit Aries Markets Leads Move DeFi with 2,500% TVL Surge in 2 Years Historical Shiba Inu Post Issued by Team Revealing First SHIB Logo Dog Pendle Team Shifts 625,000 Coins to Binance Ethereum to $6K; XRP Breakout? The Next Crypto Power Couple? JUST IN! Binance Announces It Will List Three New Altcoins! NEIRO Climbs to All-Time High of $0.0025, Looks to Extend Gains Binance Labs Invests in BIO Protocol to Accelerate Decentralized Science (DeSci) Funding Shiba Inu (SHIB) Whales Go Big as 1.13 Trillion Tokens Snapped up in 24 Hours COTI Coin Forms Key Partnerships Nigerian Court fines two crypto firms over illegal USDT to naira transaction Shiba Inu as Ethereum Layer-2? Analyst Proposes SHIB Integration Bitcoin Price 'Parabolic' Move Hinges on Key Weekly Close; Expert Says Notcoin price left in the dust as a rare pattern points to a 220% surge Grass crypto price surges to ATH, but gets overbought HIVE Digital shares climb 11% on rise in Bitcoin holdings Why These Altcoins Are Trending Today — November 8 Blum Users Surpass Hamster Kombat Ahead of Token Generation Event Pepe Coin Price Targets 60% Rally as Pro Predicts Major Breakout Analytics Firm Announces Important Names and Altcoins to Follow From Now On! Who's on the List? Tether Trade Finance Completes Funding of First Middle Eastern Crude Oil Transaction Strategic Accumulation: AIOZ, MASK, SXP Could Be the Next Big Movers Bankrupt FTX targets Crypto.com in $11 million lawsuit amid recovery effort Polygon Recovers And Aims For A High Of $0.40 Fed Chair Jerome Powell's Remarks Ripple Through Crypto Market: Details Bitcoin Report from QCP Capital: 'Bitcoin (BTC) Could Be an Alternative to Stocks!' Here Are the Details Cardano’s Price Surges 15%: A Temporary Rally or a Sustainable Trend? 60% In 3 Days: Here's Why Cronos Price Is Surging Chinese official gets life sentence for selling state secrets to pay crypto debts Analyst Says Low-Cap Ethereum-Based Altcoin Is Looking Exceptionally Strong, Updates Outlook on Aave and Pepe Layer 1 Flare and Red Date Technology Set to Trial Stablecoin Buying for Chinese Nationals in Hong Kong Token Unlocks Alert: NEON, ADA, ENA, EIGEN, HFT, MAVIA Incoming Solana breaks through the $200 barrier after rising nearly 9% XRP Network Plummets by 50%: What's Happening? Why Dogecoin’s next minimum target is $3.5, according to analyst What Trump’s US presidential win means for crypto | Opinion $19 – $20 Aptos (APT) Cycle Top Prediction Comes Into Play, Analyst Says the Altcoin is Now Entering the Pump Phase IOTA Shines in UK Trade Report: Exploring DLT and Digital Innovation in Supply Chains 441,000 Ripple USD (RLUSD) in One Hour – What's Happening? Can Ethereum (ETH) Break the $3K Threshold? Cardano Pumps 16%, Bitcoin Could Pop to $100K After Fed Rate Cut Cardano Path to $8: Analyst Forecasts Initial 531% Rise to $2.80 Before Massive 1,700% Surge to $7.77+ Ethereum ETF Validates Inflow Streak, ETH Price Reacts Will Hedera (HBAR) Reach $1 or Even $10? Polymarket value drops off a cliff after settling its biggest political market Andrew Tate bets $100k in crypto on ‘BitBoy’ for upcoming fight D.O.G.E Memecoin Rockets 100% as Traders Savor Elon Musk's Strong Ties to President-Elect Trump Will Solana Price Hit $800 After Breaking a 5-Month High? Chainlink Price Preps A 50% Surge As BlockTower Buys DeFi Tokens DeFi needs regulation to drive adoption — Web3 exec Injective Integrates with the AI Alliance to Allow Cross-Chain Functionality Unstoppable Domains Integrates Monero Usernames with Cake Wallet Bitcoin’s Time Has Come With The US Election Results Big Financial Institutions Turn to Chainlink and AI to Solve $3.1 Trillion Issue Neiro Fires Up the Grill With New ATH, Bulls Target $0.0030 Will Ethereum (ETH) Return to Its Cool Days After Trump Victory? Bitfinex Analysts Reveal Their Expectations and Price Prediction! Avoid High Leverage in Bitcoin’s Price Discovery Phase ARKM Price Rally As Arkham Research Debuts Exchange With Perpetual Futures How much bitcoin will Ross Ulbricht have if Trump sets him free? Korbit partners with Coinbase to host Base Chain in South Korea Cardano Price Surges 33%, Eyes $0.50 Breakout for Bull Run to $0.548 XRP Lawyer Predicts Next Thing for Ripple, Coinbase Lawsuit in 2025 $7.77 ATH Awaits ADA as Cardano’s Native Asset Hints at Highly Potent 1,700% Pump Towards Bullish New ATH High-risk DeFi loans surge after US election as crypto market rallies Ripple in the UAE, XRP’s Role in Dirham Stablecoin Expansion BREAKING: El Salvador Sees 81% Gains With 722 BTC Acquired 170 Million BETA Deposited to Binance: What This 17% Supply Move Means for Beta Finance SingularityDAO, SelfKey, and Cogito Finance Unite to Launch Singularity Finance Following Community Vote ETH Price Breakout Could Mean $4,800 ETH Price on the Horizon, Altcoins Surge Imminent as Pioneer Altcoin Flares Green Will PEPE Hit a New ATH as Another Memecoin Season Begins? Deutsche Bundesbank joins Singapore’s Project Guardian to boost asset tokenization Analyst Predicts Major Bull Run for Ethereum Classic in 2024 Goatseus Maximus Price Hits A Block, Will It Crash 50%? Solana (SOL): $200 Broken, ATH Incoming? 3 signs Shiba Inu (SHIB) is this bull market's 'sleeping giant' ⚡ Announcing the Winners of the Crypto News & Ledger Giveaway! CRO bearish trend ends amid Google Cloud partnership and roadmap reveal Cardano Founder Faces Backlash Over “Cancer” Poll: Is Hoskinson Hurting ADA? While BNB Chain Revenue Drops 28% in Q3, NFT Trading Surges 283% as TVL Increases: Report China’s central bank reveals physical CBDC card with dynamic QR codes Gaming: Legendary Heroes Unchained lands on the Base network Investment Research Firm Says Shiba Inu Has Very Interesting Chart, Expects SHIB to Outpace Dogecoin in 2025 TRON DAO Reveals TRON-Peg USD Coin, Ensuring Secure and Audited Transactions Chinese Media Spotlights Donald Trump’s Ploy to Create a US Bitcoin Reserve Shibarium to Hit Fresh Transaction Milestone in Hours Investor Dan Tapiero Says Ethereum Is Too Cheap, Predicts ETH Will Explode by Over 171% – Here’s His Timeline Solana Optimistic Network Unveils Exciting SOON Testnet for Public Trials How high can Bitcoin price go before Trump's inauguration? Cardano taking flight with +25% in the last 3 days Non-technical jobs in Web3: Why companies are paying premium salaries Tron Founder Justin Sun Says Buy Ethereum Instead of Selling Here’s How Donald Trump’s Win Changes Ripple v. SEC Appeal Timeline: Expert Will Powell's Speech Delay XRP Price Surge to $1.3? Unstoppable Domains integrates Monero usernames with Cake Wallet Shytoshi Kusama Reveals Astonishing Crypto Data from Gemini Exchange Tonhub Visa Card Brings TON and USDT Payments to EU Users From 6.3 Trillion to 2.5 Trillion Shiba Inu (SHIB) in 24 Hours: What's Up? BONK Price Surges 14.8%, Analysts Predict Bullish Wave Formation Cosmos (ATOM) Approaches Key EMA Resistance: Potential for Further Gains or Risk of Pullback Good News from Binance for Ripple (XRP) and Dogecoin (DOGE) Users! Ether set for $3.2K breakout as ETH ETF inflows turn positive Bitcoin remains ‘niche phenomenon,’ Swiss central bank says Ethereum Jumps 10% As DeFi Sentiment Rebounds With Trump’s Victory Catizen’s Next Move? Analyst Hints at Bullish Rally for CATI These AI Crypto Projects Are Poised to Explode This November Top Lawyer Reveals What Happens to Ripple v. SEC Case Under New US Administration SUI Network’s DEX Volume Surpasses Solana, Indicating Potential for Future Growth BlockTower Capital Makes DeFi Token Purchases In the Last 12 Hours Cardano Takes Flight with 25% Gain—Retail FOMO May Soon Follow Whales Were Stacking These Coins Before the 2024 U.S. Election POPCAT Flips FLOKI, Eyes BONK: Cat Meme Coin Rally Soon? Brazil’s digital asset imports surge by 60% BlockFi Lost California License Two Years after Bankruptcy BTC price sets fresh all-time high near $77K amid 'long squeeze' fears Cronos price analysis: here’s why CRO could surge 40% Injective to Offer AI-Enabled Finance in Partnership with Fetch.ai’s ASI Here’s How Much 1 Shiba Inu Can be Worth if SHIB Reaches a $100B Market Cap Private key and phishing “most prevalent,” crypto scams security firm says Upbit Expands Solana DEX with New DRIFT Trading Pairs Will Crypto Markets See New Peaks as $3.7B Bitcoin Options Expire Today? NEAR Struggles: Is There Hope Amidst the Bearish Signals? SEC Is "Done," Former Official Says 3 Possible Reasons Behind Cronos’ (CRO) 50% Weekly Surge XRP sees bullish momentum following $123 million increase in open interest Ripple Resumes RLUSD Movement, Stablecoin Launch Soon? Cardano price prediction: Experts see ADA token going parabolic Shiba Inu Price 2.5X Breakout Could Unlock $3.45B in Profits Mastercard's Pay Local Launches, Connecting 2 Billion Users to 35 Million Merchants Major U.S. Banks Holding Bitcoin: A New Era in Digital Asset Investment Grayscale GBTC Sees $7.3 Million Net Inflow as Mini BTC Surges with $20.4 Million How many cryptocurrencies are there? A growing industry Ethereum Foundation reports treasury holdings of $788 million in crypto, mostly in ether Robinhood's Dan Gallagher Donald Trump’s Pick for SEC Chair? Avalanche Foundation Completes Buyback of 1.97M AVAX Tokens from Terra’s Defunct Guard Fund Is $90K Bitcoin's Next Big Test? Trendline Analysis Reveals Insights Amid SOL/BTC Breakout: Godbole Ripple CEO Sees a Bullish Future for XRP Under Trump Governance LUNC News: OrbitLabs Proposes Testing for New Terra Classic's Tax Mechanism Binance Hits $8.3B Open Interest High—Here’s What It Signals For the Crypto Market Binance Hits $8.3B Open Interest High—Here’s What It Signals For the Crypto Market Dapps' revenue hits $164M in October amid growing adoption XRP Price Gains Fade Once Again: Will Support Hold? Is Chainlink Primed for a Shift as Outflows Surge? Post-Election Surge: Trump-Themed Coins Gain Attention Trumps victory could “shake things up” in crypto industry Coinbase wrapped Bitcoin deploys on Solana, aimed at growing DeFi market Whales drive NFT comeback on BNB Chain in Q3: Messari North Korean Hackers Target Crypto Firms in ‘Hidden Risk’ Campaign BNB Price Set to Surge: Could It Be the Next Big Mover? Ethereum Nears $3000 After Crossing $2900: What Changed for ETH? Solana Memecoins Boom With SOL AT $200; DOGE, JTO Soars Solana climbs above $200, bitcoin hits new high amid extended post-election rally BTC investors pour $1.1B into BlackRock ETF as Bitcoin marks another high Here Are Returns if $10, $100, or $1,000 Was Invested in Shiba Inu at the Initial Price of $0.0000000013 Cyber dystopia loading: Trump/Ishiba alliance, new CCP-style surveillance law in Japan’s future? MAGA and Other Politically Themed Tokens Experience Major Sell-Off as Investors Take Profits Top Analyst Says No Surprise if XRP Hits $4 as it Pumps to 5-Week High Ethereum Price Rise Targets $3,000: Will It Cross the Mark? Extra Large Crypto Whales Withdraw 1,897 $BTC Worth $142.6M from Binance Will XRP Price Rally To $1 After Hitting Monthly High? Bitcoin Price Advances Again: Can Bulls Push It Even Higher? Anthropic, Palantir follows Meta’s lead taking AI to war Dormant $1.14 Billion Ethereum Whale Awakens: Begins Selling After 8 Years Block Inc’s Bitcoin revenue stagnates in Q3, shares drop 12% on revenue miss Republicans Look Set to Clinch Electoral Sweep, Echoing Polymarket Bets Solana Jumps to $200 as Bitcoin Price Sets Another All-Time High GALA Rallies To 20% Weekly Gains, Eyes Key Resistance at $0.02717 'Not your keys, not your blockchain': DEGEN L3 can't switch 'rollup-as-a-service' providers from firm holding its keys Trader Says Telegram Gaming Token Primed To Rally by Nearly 100%, Updates Outlook on Ethereum and Dogecoin Monkey See, Monkey Flee: 43 Rhesus Rebels Are on the Loose, Meme Coins Go Bananas Analyst Puts Bitcoin Price Ceiling At $137,000, But Is This The Highest BTC Can Go? Toncoin Price: Crypto Expert Reveals Secret to $8 Target! Caroline Ellison Starts Prison Sentence for FTX Fraud Shiba Inu (SHIB) Not Moving Up, XRP Receives Bulls' Blessing for Bullrun, Ethereum (ETH) Finally Made Substantial Comeback Hackers Demand $125K in French Bread in Crypto Ransomware Attack Fed Chair Jerome Powell Teases "Policy Recalibration" Ahead: What it Means Coinbase Brings its Wrapped Bitcoin to Solana Shiba Inu Hits Monthly Peak — Is Another Record-Breaking Rally Coming?