Peter Schiff Criticizes New Bitcoin Acquisition Bill, Warns of Inflation Risks

Peter Schiff Raises Alarm Over Bitcoin Acquisition Bill

Peter Schiff, a well-known Bitcoin skeptic and advocate for gold, has strongly criticized a new Bitcoin acquisition bill proposed by Senator Cynthia Lummis. The bill, which has garnered significant support, suggests that the U.S. government should expand its Bitcoin holdings using hundreds of billions of dollars from the Federal Reserve. While this move could potentially drive up Bitcoin's price, Schiff argues that it primarily benefits those who already own Bitcoin, leaving the majority of Americans at a disadvantage.

Schiff warns that the bill poses a significant threat to the U.S. economy, as it could worsen inflation, which is already causing economic distress. He believes the proposal is a selfish attempt to enrich a small group of individuals at the expense of the general population, who would be forced to purchase Bitcoin.

Schiff has long been a vocal critic of Bitcoin, questioning its intrinsic value and ability to support economic growth. He remains skeptical of Bitcoin's long-term viability, asserting that it lacks the fundamental value needed to underpin an institution or economy.

While the bill is still in its early stages and has yet to be passed into law, Schiff is confident that it is unlikely to be enacted. However, if it does become law, he warns that no member of Congress who supported the measure deserves re-election. Schiff's opposition to the bill aligns with his broader distrust of Bitcoin and his belief that such policies only serve to benefit the wealthy at the expense of the majority.