In a historic triumph during the 2024 presidential elections, the ex-president Donald Trump pledged to create a country-wide Bitcoin reserve, should he be reelected.
Consequently, significant investments are being placed on the rise in Bitcoin’s value across the year 2025 within the cryptocurrency market.
However, Trump has not yet pledged the federal government to buy any new Bitcoins. Instead, his proposal is merely to keep the Bitcoins that the government has already confiscated from individuals such as Ross Ulbricht, who have violated the law.
In other words, are you saying that Schiff’s assertion holds true, implying that the government will not acquire Bitcoin, regardless of whether Trump remains in power?
It’s not automatically true, but Wyoming Senator Cynthia Lummis (R-WY) suggests an unconventional approach: she proposes that the federal government could buy a million Bitcoins over a period of five years.
In other words, if Schiff doesn’t have any information that the market isn’t aware of, then it’s quite plausible that during Trump’s second term, a pro-crypto Republican Congress and White House might decide to purchase Bitcoin.
Peter Schiff: Govt Won’t Be Buying Bitcoin
When it’s clear that the U.S. Government won’t be purchasing Bitcoin, those who bought in anticipation of their buying spree will start selling. This would compel @saylor to intensify his leveraged Bitcoin purchases swiftly to avoid a market crash. However, this quickening pace of purchase only postpones the inevitable crash until MicroStrategy (MSTR) experiences its own crash first.
— Peter Schiff (@PeterSchiff) January 8, 2025
Following MicroStrategy’s latest big investment in Bitcoin – purchasing 1,070 Bitcoins at a cost of $101 million – the value of this digital asset increased significantly within just one hour.
“But this will only delay the crash until $MSTR crashes first,” Schiff added.
Lifelong Goldbug ‘Hates’ BTC ‘Speculative Mania’
I don’t dislike Bitcoin as a concept, but I strongly disagree with the excessive speculation surrounding it that has led to a significant misuse of funds, potentially causing financial losses for many individuals beyond their means. This behavior also undermines the reputation of reliable currency and the principles of economic freedom.
— Peter Schiff (@PeterSchiff) January 8, 2025
As a crypto investor, when someone asks me why I seem critical of Bitcoin, it’s not because I dislike the cryptocurrency itself. Rather, I find myself concerned about the excessive speculation surrounding Bitcoin, which has led to a significant distortion in the allocation of capital.
In unstable crypto trading platforms, some individuals may gain profits (winners) while others may suffer losses (losers). Additionally, Bitcoin and other cryptocurrencies often experience periods of rapid price increases followed by significant declines, which are commonly referred to as “bubbles.” However, these issues do not necessarily indicate an underlying flaw within Bitcoin or its advocates.
In essence, the behavior of cryptocurrency markets isn’t fundamentally dissimilar to traditional stock markets. The main distinction lies in their intensity, which stems from the uninterrupted nature of these markets (operating 24/7) and the global participation facilitated by automated online trading platforms.
Of course, Schiff would be sure to add that he doesn’t like that about stock markets either.
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2025-01-09 11:14