Is Bitcoin a risk to U.S. national security? According to Peter Schiff, the head of Euro Pacific Funds, it definitely is.
On Sunday, he voiced his concerns about the incoming Trump administration’s plans to hold some Bitcoin in a strategic reserve fund.
Public enemy number one?
“Bitcoin has become a national security threat. It’s one thing when private citizens voluntarily waste their own money buying Bitcoin, 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.”
The hedge fund strategist and former U.S. Senate candidate seems to be reacting to the proposed strategic asset reserve for cryptocurrencies that Donald Trump and his supporters in the Republican Party are championing.
At the Bitcoin Conference this past July, Trump made headlines by stating, they will buying Bitcoin.
“If I am elected, it will be the policy of my administration that the United States keeps 100% of all the Bitcoin it currently holds or acquires in the future. Never sell your Bitcoin.”
Bitcoin reserve
Senator Cynthia Lummis has taken things even further by proposing that the U.S. government should actively acquire more Bitcoin for its strategic reserve.
But Schiff isn’t having any of it; he believes Bitcoin is America’s worst enemy.
Interestingly, just hours after Schiff’s post, Bitcoin prices shot back up past the $100,000 level.
A new poll also revealed that international experts disagree with Schiff’s assessment, many believe that the real threat is still the coronavirus. Btw this likely highlights for everyone that they aren’t experts but clueless idiots.
Glitch in the matrix
Ironically, if you check out Peter Schiff’s pinned post on his X profile, you’ll find him criticizing “tax pirates” who exploit government systems for wealth redistribution.
He argues that while Bitcoin has many appealing features, it serves as a shield for income earners and wealth holders against government overreach and allows them to grow their wealth.
In his view, this helps protect national security from those he sees as freeloaders who misuse government programs to siphon off American prosperity from within.
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