Peter Schiff Disputes Trump's 'Never Sell' Bitcoin Advice

NAIROBI (CoinChapter.com)– Peter Schiff remains a vocal critic of Bitcoin, particularly in response to former President Donald Trump's recent statements

NAIROBI (CoinChapter.com) – Peter Schiff continues to voice his skepticism towards Bitcoin, especially in response to former President Donald Trump’s recent statements at the Bitcoin 2024 Conference.

Schiff, who is well-known for his critical stance on digital currencies, used Trump’s speech to highlight what he perceives as flaws in Bitcoin’s potential as a strategic asset.

Trump offered to make the United States the ‘Crypto Capital of the Planet’

Former U.S. President Donald Trump delivered a keynote address at the Bitcoin 2024 Conference on Thursday, promising to make the United States the “crypto capital of the planet” if re-elected. He proposed that the U.S. should lead in Bitcoin to prevent China from gaining the upper hand.

Trump shifted from his previous stance on cryptocurrencies, which he had earlier slammed as volatile. However, his speech now aligns with the crypto industry's goal of having the U.S. lead in digital asset adoption.

Schiff, a gold bug and outspoken Bitcoin critic, highlighted specific points in Trump’s speech that he found particularly気になる. He paid close attention to the economic implications of Trump’s statements, especially those related to U.S. government holdings of Bitcoin.

Schiff mentioned that Wyoming Senator Cynthia Lummis suggested the U.S. government purchase one million Bitcoins to help with the national debt. However, Schiff pointed out that this would increase the debt by about $70 billion at current prices.

He went on to question the practicality of selling these Bitcoins in 20 years to repay the debt, suggesting that such a plan might not be sustainable.

Trump also predicted that Bitcoin, currently the ninth most valuable asset in the world, could eventually surpass the market cap of gold.

“This [Bitcoin] is the steel industry of 100 years ago,” he said.

Trump compared Bitcoin to the early days of the U.S. steel industry during his speech on Friday. He highlighted America's need to dominate the Bitcoin scene to prevent China from taking the lead.

Trump emphasized Bitcoin's potential to be a key building block in the digital era, just as steel was in the Industrial Revolution. However, Schiff countered this by highlighting China's disinterest in Bitcoin, which is evident in its mining ban.

Schiff also noted that unlike steel, which is essential for infrastructure, Bitcoin serves only as a digital ledger. He highlighted Bitcoin's lack of practical utility and questioned its long-term value.

Schiff highlighted the speculative nature of Bitcoin's value, which differs from traditional assets. He also emphasized Bitcoin’s lack of practical utility in his argument.

Schiff argued that Bitcoin's volatility and speculative qualities make it a questionable tool for addressing economic issues like national debt.

Schiff questioned the logic of never selling Bitcoin

Schiff also addressed Trump and MicroStrategy (NASDAQ:MSTR) CEO Michael Saylor’s advice to never sell Bitcoin. He argued that if investors never sell their Bitcoins, the asset loses its value as a السلعة التجارية.

Schiff noted that past performance of Bitcoin has been a key selling point for the asset. However, a 99% dip in value could make the case for continued investment harder to swallow.

Schiff highlighted that Bitcoin lacks intrinsic value and practical utility compared to traditional assets. He suggested that Bitcoin’s volatility and the speculative nature of its value made it a questionable tool for addressing economic issues like national debt.

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