Bitcoin, the leading cryptocurrency by market capitalization, has ignited new debate as Peter Schiff, an American stock broker, financial commentator, and radio personality. He is the CEO and chief global strategist of Euro Pacific Capital Inc. and claims that Bitcoin (BTC) represents a national security risk to the United States.
According to an X post, Schiff noted that BTC is the public’s number one enemy, and government officials lavish public funds to purchase the crypto asset.
“Bitcoin has become a national security threat. It’s one thing when private citizens voluntarily waste their 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,” says Schiff.
Schiff Criticizes BTC as a National Security Risk
The Bitcoin critics and former US Senate candidate from Connecticut likely alluded to the crypto strategic asset reserve initiative backed by Donald Trump and prominent figures in his faction of the Republican Party.
While addressing the Bitcoin Conference in July and campaigning for a second term in the White House, the president-elect declared, “If I am re-elected, my administration’s policy will ensure that the United States retains 100% of all Bitcoin currently held or acquired by the government moving forward.”
Trump also told the attendees at the conference in Nashville, Tennessee, never to sell their bitcoins. Meanwhile, Trump was the first presidential candidate to accept Bitcoin donations for his campaign.
Wyoming Senator Cynthia Lummis also proposed that the US government should actively accumulate more bitcoin to establish a strategic BTC reserve fund. In contrast, Schiff contends that Bitcoin poses a significant threat to America’s interests.
BTC as Top Reserve Asset
The global hedge fund strategist’s statement came amid increasing global interest in Bitcoin and other cryptocurrencies, with many investors, institutions, and even countries exploring their potential.
On October 30, Florida Chief Financial Officer Jimmy Patronis (CFO) pushed to include BTC in state pension funds. If implemented by the State Board of Administration (SBA), Florida will join a growing number of American states like Wisconsin and Michigan, which have added crypto assets to their portfolios.
Amazon’s (AMZN) shareholders also recently urged the company to invest at least 5% of its assets in Bitcoin. If approved, Amazon will join MicroStrategy in diversifying its reserves into BTC.
Meanwhile, the crypto asset is changing hands at above $94,400 after hitting and surpassing the $100,000 mark, fueling optimism for institutional and retail investors.
