Economist Peter Schiff has reiterated his opposition to the Strategic Bitcoin 
$105,587 Reserve, suggesting an alternative that the United States could adopt instead. Schiff argues that creating a ‘USA Coin’ could significantly reduce the associated costs compared to establishing a Bitcoin reserve.
USA Coin Proposal
Schiff stated that the supply of USA Coin could be limited to 21 million, similar to Bitcoin. He emphasized that creating USA Coin could be more economical than a Strategic Bitcoin Reserve.
“The creation of USA Coin by the U.S. may be more economical than the Strategic Bitcoin Reserve.” -Peter Schiff
Furthermore, he noted that USA Coin would need to operate with an advanced blockchain to enhance its usability in transactions. The renowned economist has frequently expressed skepticism towards Bitcoin and reiterated his stance against the Strategic Bitcoin Reserve.
Arguments Against the BTC Reserve
Nic Carter from Castle Island Ventures also opposed the Strategic Bitcoin Reserve, stating that it could undermine the dollar and weaken trust in the current dollar-based system.
“The BTC Reserve could weaken the dollar’s role as the global reserve currency.” -Nic Carter
In contrast, Ki Young Ju, CEO of CryptoQuant, acknowledged that the Strategic Bitcoin Reserve could be a viable approach to balancing U.S. debt. Despite Schiff’s criticisms, the idea of a U.S. BTC Reserve continues to gain support.
As discussions evolve, the impact of the proposed reserve on the U.S. economy remains a significant topic of interest among politicians and economists.
In conclusion, differing opinions and proposals regarding the Strategic Bitcoin Reserve lead to important discussions about the future of the U.S. economy.
