Summary
- Peter Schiff stated that Texas's Bitcoin purchase strategy exposes the limitations of democracy.
- The state of Texas allocated $10 million in public funds to accumulate Bitcoin.
- Schiff assessed that the close ties between Bitcoin whales and politicians led to actions aimed at securing votes from investors.
Peter Schiff, an economist and Bitcoin critic, criticized the state of Texas's Bitcoin (BTC) reserve strategy as an example of democracy's shortcomings.
On the 24th (local time), Peter Schiff stated on X (formerly Twitter), "Texas's announcement to purchase Bitcoin shows why America's Founding Fathers distrusted democracy," and "Ultimately, taxpayers have been made to buy Bitcoin (through their taxes)." He explained that Bitcoin whales use their wealth to influence politicians, who in turn join Bitcoin accumulation efforts to win votes from investors holding Bitcoin.
Previously, Texas announced the allocation of $10 million in public funds for building its Bitcoin reserve.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit!["Will AI take our jobs?" Fear spreads…market rattled by a plunge in shares [New York Market Briefing]](https://media.bloomingbit.io/PROD/news/874408f1-9479-48bb-a255-59db87b321bd.webp?w=250)
