Economist Peter Schiff has raised alarms about the U.S. government’s potential adoption of Bitcoin (BTC) as part of its strategic reserve, warning that such a move could accelerate the decline of the U.S. dollar. Schiff, known for his bearish stance on Bitcoin, argues that while Bitcoin may experience short-term gains, gold will ultimately come out on top in the long run.
Last Sunday, President Donald Trump signed an executive order to include Bitcoin along with several altcoins in the U.S. reserves. This decision has sparked a flurry of debate, with investors eagerly awaiting further details at the upcoming White House Crypto Summit, scheduled for Friday.
Schiff cautions that Bitcoin’s success, if tied to the weakening of the U.S. dollar, would likely speed up the dollar’s collapse. He stated, “This development might provide a short-term boost for Bitcoin, but in the long run, gold will emerge as the ultimate winner.” Schiff’s remarks reflect ongoing discussions about Bitcoin’s potential to disrupt traditional fiat currencies, particularly in light of global economic shifts and volatility in the U.S. market.
While Schiff remains skeptical of Bitcoin reserves, others, including financial author Robert Kiyosaki, believe Bitcoin could be the key to alleviating America’s financial challenges. Kiyosaki has previously stated that individuals who sold their Bitcoin during the recent market downturn may regret their decision, while those who held on to their assets will ultimately benefit from future gains.
Bitcoin’s recent performance has shown renewed strength, with its price rising 6.24% to $92,296 ahead of the White House summit. The cryptocurrency’s market cap now stands at $1.83 trillion, and its open interest has surged 8.09%, reaching over $51.38 billion, according to Coinglass data. Analysts are eyeing a potential rally, with crypto expert Ali Martinez predicting that if Bitcoin reclaims the $97,000 mark, it could build momentum for a rise toward $150,000, as indicated by the Pi Cycle Top metric.
Meanwhile, altcoins like Ethereum (ETH) are also experiencing a rebound, with the ETH price recovering more than 15% from its recent weekly low of $2,000.
Related topics:
El Salvador’s Nayib Bukele Confirms Bitcoin Buying Continuation Despite IMF Warning
White House Crypto Summit: Key Attendees and the Future of Digital Assets
Cardano (ADA) Price Eyes Breakout to $10 as Network Activity Soars
