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Cryptocurrency News Articles
Peter Schiff Warns Americans Will Bear the Brunt of Bitcoin (BTC) Bubble Burst
Mar 14, 2025 at 11:01 am
During his podcast, Schiff disputed the notion that the U.S. establishing a Strategic Bitcoin Reserve
"I think the brunt of the impact of the Bitcoin bubble bursting will be felt by Americans," Peter Schiff, the outspoken cryptocurrency critic, said on Wednesday during an episode of his podcast, "Schiff Radio."
What Happened: As the U.S. government's decision to hold Bitcoin (CRYPTO: BTC) as a reserve asset continues to be a hot topic, Schiff's commentary has been drawing attention.
During the podcast, Schiff responded to a listener's question about whether the U.S. including Bitcoin in its Strategic Bitcoin Reserve would lead other countries to follow suit, sparking a global race to acquire BTC.
"I don't think so. I think the U.S. government is capable of making a lot of bad decisions on its own, without any need for peer pressure," Schiff stated.
He further pointed out that the U.S. is already the world's largest Bitcoin node operator, a fact that isn't widely recognized.
"We're already doing it. We're already mining more Bitcoin than any other country in the world. We're already running the most Bitcoin nodes. We're already the biggest Bitcoin market. I don't think any other country is going to feel compelled to keep up with the U.S., because they can't," Schiff elaborated.
Schiff's comments come as he has previously expressed skepticism towards cryptocurrencies, especially Bitcoin. He has defended his views despite backlash from the crypto community.
Earlier this year, Schiff, in an interview with Benzinga, voiced his belief that investing in Bitcoin is a "waste of resources" and that such investments would end up damaging the U.S. dollar.
"The government shouldn't be investing in anything other than the U.S. dollar. They're not good investors. They're not money managers. They're politicians. They shouldn't be doing any of this," he added.
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- XRP Price Prediction for Today (March 16) as Ripple Whales Go on a Buying Spree
- Mar 16, 2025 at 09:25 pm
- The XRP price has had a pretty slow weekend as it's down 1.2% in the last 24 hours, now trading at $2.37. However, when we look at the weekly timeframe, XRP actually had a much better week than other major altcoins.
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- XRP Price Could Rise by Substantial Margins If It Reacts Favorably to the Upcoming Settlement Between the U.S. SEC and Ripple
- Mar 16, 2025 at 08:50 pm
- After more than four years of litigation, the U.S. Securities and Exchange Commission (SEC) may soon dismiss its lawsuit against Ripple, according to recent disclosures.
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- Prominent American angel investor Jason Calacanis is convinced that the Ripple-linked XRP cryptocurrency is controlled just by "a few individuals."
- Mar 16, 2025 at 08:45 pm
- Earlier, Calacanis argued that XRP was a "centralized controlled security," which is the opposite of Bitcoin. He predicted that there would be "chaos" if the SEC ended up approving XRP-based ETF products.
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