Summary
- Peter Schiff stated that President Donald Trump's pro-Bitcoin activities could put pressure on the US Dollar.
- Schiff said that allocating resources to Bitcoin is harmful to the country.
- As the US government and some state governments have begun holding Bitcoin through the recovery of criminal proceeds, Schiff criticized this trend of assetizing Bitcoin as unproductive.
Peter Schiff, known as a prominent opponent of Bitcoin (BTC), has publicly opposed President Donald Trump's pro-Bitcoin actions.
According to Coindoo, a digital asset (cryptocurrency) specialist media outlet, on the 29th (local time), Peter Schiff, CEO of Euro Pacific Capital, stated, "President Trump claims that Bitcoin eases pressure on the US Dollar and is good for the country," adding, "However, selling the US Dollar to buy Bitcoin will actually place greater pressure on the Dollar."
Schiff added, "Wasting resources on Bitcoin is harmful to our country."
Meanwhile, while the US federal government does not officially purchase Bitcoin, it does hold Bitcoin through the confiscation of criminal proceeds, and some state governments have used this as a model to establish their own Bitcoin reserves. Regarding this capital redistribution trend, Schiff also criticized it as "locking up funds in unproductive assets."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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