Economist Peter Schiff believes using Bitcoin as a strategic reserve asset will push the United States further away from democracy

Economist Peter Schiff criticises the idea of Bitcoin becoming a strategic reserve asset.

He likens this expectation to political vote-buying, comparing it to promises of student loan forgiveness.

Trump may declare Bitcoin a reserve asset

Rumours suggest former President Trump might announce Bitcoin as a reserve asset.

Senator Cynthia Lummis's cryptic post fuels these speculations.

The cryptocurrency prediction market, Polymarket, gives this a 27% chance of happening.

Investor Resolve

Schiff recently polled Bitcoin holders about their reaction to a market downturn.

89% of respondents claimed they would hold onto Bitcoin even if its value dropped below $15,000.

Bitcoin's Current Status

Bitcoin is currently trading at $64,157.90, down 2.34% in the last 24 hours.

Conclusion

Schiff remains sceptical about Bitcoin's potential as a strategic reserve, highlighting political motivations and market volatility.