Making things difficult for Trump? Peter Schiff tells Biden to do one thing before leaving office - sell all Bitcoins held by the US

Peter Schiff, a known advocate for gold holdings, posted his suggestion on his X handle, saying that it could be the "one good thing" before Biden leaves office in January. President-elect Donald Trump will be assuming his position next month.

Schiff took a dig at Trump as well in a subsequent reply to an X user's comment on his post, saying that if Biden sells all Bitcoin, he would be doing a favour to the next President, as he won't be compelled to sell the holdings, thus breaking his campaign promise of going soft on crypto-currency.

At a Bitcoin congregation, earlier this year, Donald Trump had promised a national Bitcoin reserve, which was supported by a proposed legislation from Cynthia Lummis, Republican senator from Wyoming. Trump had talked about selling Bitcoin holdings.


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This exchange has highlighted the differences in opinion held by proponents of gold and crypto, which lie at two extremes of the aisle. Bitcoin worth $19.48 billion is currently held by the US government, according to analytics company Arkham Intelligence.

Supporters of Trump's proposed reserve say that the exponential growth capacity of Bitcoin and other crypto-currency has the potential to pay off US' national debt, which now stands at $35 trillion.

In an era where digital currencies are shaping global finances and national investments, this conflict of ideas furthers the question of how the US is going to strategize national finances. Schiff has issued a stern warning that if the government increasingly relies on crypto holdings, it would lead to a crash in the market if investors pull their money out en-masse, at any point.

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