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- Bitcoin (BTC) skeptic, Peter Schiff, has recently taken aim at Donald Trump and Michael Saylor regarding their ‘never sell Bitcoin’ philosophy.
- In spite of his critiques, Bitcoin has remained resilient, reaching $70K and indicating a possible bull rally.
A long-time skeptic of Bitcoin [BTC], Peter Schiff frequently takes the opportunity to question the legitimacy of the leading cryptocurrency and the wider crypto and Web3 landscape.
Peter Schiff vs. Donald Trump?
Recently, he expressed disapproval of former President Donald Trump and MicroStrategy Inc. co-founder Michael Saylor for their stance of “never sell your Bitcoin.”
Schiff challenged the reasoning behind this approach, showcasing his persistent skepticism regarding BTC’s long-term sustainability and worth, stating,
“Both @saylor and #Trump say ‘never sell your #Bitcoin.’ If that’s accurate and no one who purchases Bitcoin ever sells, what’s the purpose of owning it? What’s the benefit of living in poverty, passing away with a large amount of Bitcoin, with successive generations of heirs repeating this cycle?”
Why Does Schiff Perceive Bitcoin As A Means To Increase Debt?
Schiff did not limit his criticism to BTC supporters; he also challenged Senator Cynthia Lummis’ proposal to borrow billions for Bitcoin investment.
He contended that such a tactic would only worsen national debt and inflation, yielding no substantial advantages in return,
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“Wyoming @SenLummis asserts that borrowing $70 billion to acquire 1 million #Bitcoin is this generation’s Louisiana Purchase. The Louisiana Purchase nearly doubled the size of the U.S. at a cost of 3 cents per acre. Borrowing billions to purchase Bitcoin contributes nothing but debt & #inflation.”
His comments highlight his overarching skepticism about BTC’s economic benefits and the potential dangers associated with large-scale cryptocurrency investments.
As anticipated, these statements attracted considerable backlash, as noted by YouTuber Daniel Nita on X (formerly Twitter), who remarked,
“You never sell your Bitcoin; you hedge it and borrow against it. Not hard to understand…”
No Effect On BTC’s Price
Nevertheless, Schiff persisted in his critique and, in a subsequent post, further asserted,
In this instance, Schiff contended that the notion of utilizing Bitcoin to manage national debt without incurring additional inflation is flawed and impractical.
However, despite Schiff’s ongoing criticism, the crypto community and BTC’s price movements remain unaffected.
At the time of writing, Bitcoin had rebounded to the $70K level, and with the RSI at a strong 67, it appears to be preparing for another bull rally.
