Peter Schiff Pitches USA Coin Idea as an Alternative to Strategic Bitcoin Reserve

The well-known economist has proposed the idea of creating a government-backed coin named USA Coin. Schiff has been a long-time Bitcoin critic.

Economist Peter Schiff has proposed an alternative to a government-backed Bitcoin reserve: a coin called USA Coin.

Schiff, who is known for his criticism of Bitcoin, suggests that this new coin could be a more cost-effective option. He argues that the government could create a digital currency with a limited supply, like Bitcoin's 21 million coins, but with an upgraded blockchain that would make the coin viable for payments.

This coin, Schiff claims, would help the country move away from fiat currencies and the volatility of digital assets like Bitcoin. Schiff has long opposed Bitcoin, favoring traditional assets like gold and arguing that Bitcoin is unstable and intangible.

Now, his criticism extends to the Strategic Bitcoin Reserve, with a tweet on December 9 suggesting that Biden sell all Bitcoins for lower 2024 budget deficit, which would also stop a creation of a "harmful 'Strategic' Bitcoin Reserve."

His proposal for the USA Coin seems to be another attempt at trolling and opposing the Bitcoin reserve, as some of his posts below the announcement of his idea suggest.

In one post, Schiff shared an image of the USA Coin, which he created using Grok, in a lighter vein.

However, Schiff's criticism has not impacted the popularity of the U.S. Bitcoin reserve, at least not yet. According to Polymarket, there is a 33% chance that the U.S. will have a strategic Bitcoin reserve by early 2025.