
'Most Corrupt Bill Ever': Peter Schiff Slams Fed-Backed Bitcoin Plan
Unsurprisingly, Peter Schiff is not in support of the Bitcoin acquisition bill[...]
Peter Schiff Raises Concerns About Proposed Bitcoin Acquisition Bill
Peter Schiff, a vocal Bitcoin critic and gold advocate, has strongly criticized a new Bitcoin acquisition bill introduced by Senator Cynthia Lummis. Despite his long-standing skepticism of Bitcoin's economic viability, Schiff has taken issue with the Fed-backed proposal to expand the U.S. government's Bitcoin reserves.
The Controversial Proposal
The bill, which has gained significant traction, proposes using hundreds of billions in Federal Reserve funds to increase the government's Bitcoin holdings. While this could potentially boost Bitcoin's market price, Schiff argues the legislation primarily benefits existing Bitcoin holders at the public's expense.
Inflationary Concerns
Schiff warns the bill would worsen current inflationary pressures by creating new money to purchase Bitcoin. He believes this approach would ultimately force average Americans to bear the economic burden while enriching a select few.
A Selfish Proposal?
The economist has characterized the bill as self-serving rather than beneficial to the broader public. While Schiff's longstanding opposition to Bitcoin raises questions about his motivations, his critique has nonetheless sparked important discussions in crypto circles.
Unlikely to Pass, But Consequences if It Does
Schiff remains confident the bill won't become law, but has warned that any Congressional supporters of the measure would be unworthy of re-election if it passes. His consistent position that Bitcoin lacks intrinsic value continues to fuel debate about cryptocurrency's role in institutional finance and economic growth.