Euro Pacific Funds chief Peter Schiff asserted on Sunday that Bitcoin is a threat to US national security. He was referring to plans by the incoming Trump administration to hold some BTC in a strategic reserve fund.
“Bitcoin has become a national security threat,” wrote Schiff in a post on X Sunday. “It’s one thing when private citizens voluntarily waste their own money buying Bitcoin,” Schiff said. “But it crosses the line when they bribe government officials to squander the public’s money buying it. Bitcoin is now public enemy number one.”
Schiff Shades Bitcoin Over National Security
The global hedge fund strategist and one-time U.S. Senate candidate from Connecticut was most likely referring to the strategic asset reserve for cryptocurrencies proposed by Donald Trump and key allies in his wing of the Republican Party.
While speaking at the Bitcoin Conference this July and campaigning for reelection to the White House in November, the president-elect said, “If I am elected, it will be the policy of my administration, the United States of America, to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future.”
“For too long our government has violated the cardinal rule that every bitcoiner knows by heart,” Trump told conference gatherers in Nashville, Tennessee. “Never sell your bitcoin.”
Wyoming Senator Cynthia Lummis has taken it a step further. She has proposed that the US government should acquire more Bitcoin to add to a strategic BTC reserve fund. But Peter Schiff opines that Bitcoin is America’s worst enemy.
We can create a brighter future for generations of Americans by diversifying into #Bitcoin and being the first developed nation to create a strategic reserve. Read more
pic.twitter.com/1cWAssvZIW
— Senator Cynthia Lummis (@SenLummis) July 27, 2024
Spot prices for BTC on cryptocurrency broke the $100,000 level again on Sunday, a few hours after Peter Schiff’s post calling Bitcoin the public’s worst enemy. A recent poll found international experts disagree—they believe the SARS CoV-2 coronavirus is.
cope harder bro pic.twitter.com/KIcr7Wbr80
— The ₿itcoin Therapist (@TheBTCTherapist) December 5, 2024
EuroPac Founder’s Own Pinned X Post Has The Answer
America was founded by rugged individuals who created government to secure their rights and leave them alone. Americans today want government to violate other people’s rights, steal their stuff, and give it to them. The home of the free has become the land of the freeloader.
— Peter Schiff (@PeterSchiff) July 6, 2020
Ironically, Peter Schiff’s own pinned post on his X profile contains the answer to his challenge to Bitcoin Sunday. In it, he rebukes tax pirates who use the government for wealth redistribution.
Bitcoin has a number of features that make it useful and desirable, but as far as the public sector goes, it provides a shelter for income earners and wealth holders to protect their wealth from government redistribution, and even grow it.
That helps guard national security against these insidious freeloaders who Schiff derides for fleecing Americans’ prosperity from within by misusing government programs.
The post Peter Schiff: Bitcoin Is ‘National Security Threat’ to The US appeared first on CryptoPotato.
