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.
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