Economist Peter Schiff criticises the idea of Bitcoin becoming a strategic reserve asset.
He likens this expectation to political vote-buying, comparing it to promises of student loan forgiveness.
Rumours suggest former President Trump might announce Bitcoin as a reserve asset.
Senator Cynthia Lummis's cryptic post fuels these speculations.
The cryptocurrency prediction market, Polymarket, gives this a 27% chance of happening.
Schiff recently polled Bitcoin holders about their reaction to a market downturn.
89% of respondents claimed they would hold onto Bitcoin even if its value dropped below $15,000.
Bitcoin is currently trading at $64,157.90, down 2.34% in the last 24 hours.
Schiff remains sceptical about Bitcoin's potential as a strategic reserve, highlighting political motivations and market volatility.
Taiwan’s authorities are holding 210.45 Bitcoin and other cryptocurrencies seized from criminal cases. The assets remain under judicial control, with no plans yet announced for sale, conversion, or use in national reserves.
WeatherlyRussia has confirmed that cryptocurrencies like Bitcoin and Ethereum cannot be used for payments, with all domestic transactions required to be in rubles. At the same time, the country allows crypto for cross-border trade and investment, with banks offering related products under strict rules.
AnaisA Bitcoin investor lost his entire retirement savings after sending $85,958 to a scammer posing as a romantic partner and trader. Despite repeated warnings from his adviser, the investor fell for a pig butchering scam that used emotional manipulation and false promises of high returns.
AnaisFrench fintech Lyzi has partnered with Porsche and Lamborghini to let customers pay for luxury cars using cryptocurrencies, including Bitcoin, USDC, and over 80 other digital assets. Payments are converted instantly into euros, protecting dealerships from crypto price changes and providing a smooth wallet-to-terminal experience.
AnaisMichael Saylor urged governments to create Bitcoin-backed digital bank accounts to offer higher returns than traditional deposits. He suggested such accounts could attract trillions in global savings, but Bitcoin’s volatility and regulatory challenges make the idea risky.
WeatherlyA Europe-wide investigation uncovered a crypto fraud network that laundered over €700 million through fake trading platforms, deepfake adverts, and call centres. Authorities arrested multiple suspects and seized cash, crypto, and luxury goods while targeting the scam’s marketing and operational networks across seven countries.
AnaisAuthorities in Switzerland and Germany shut down Cryptomixer.io, a service used to launder Bitcoin, seizing servers, data, and over €25 million in crypto. The operation, supported by Europol, aims to stop criminal activity and provide evidence for further investigations.
AnaisKazakhstan’s central bank is considering investing up to $300 million from its reserves into crypto but will only move ahead when market conditions look safer. The country also launched a separate government-backed crypto fund as part of its wider plan to grow its digital asset sector.
WeatherlyBitcoin has fallen more than 30%, cutting the estimated value of Satoshi Nakamoto’s holdings from $137 billion to around $95.8 billion. The decline makes the pseudonymous creator the 20th richest person in the world, with their coins remaining largely untouched for over 15 years.
WeatherlyMichael Saylor’s company has seen big losses as Bitcoin falls below $90,000, leaving around 40% of its holdings unprofitable. Recent purchases above current market prices have added nearly $100 million in unrealised losses, putting pressure on the company’s stock and strategy.
WeatherlyPeter Schiff warns of Bitcoin ETF instability amid market volatility. Predicts long-term bear market pressure may lead to investor exits. Analysts suggest zero net flows in ETFs not indicative of underlying issues.
EdmundSchiff reiterates Bitcoin skepticism post-ETF launch, anticipating zero value. Mocks $10 million scenario, linking it to dystopian hyperinflation.
Huang BoPeter Schiff questions Bitcoin vs. gold comparison, criticizing claims of Bitcoin's superiority. Bitcoin at $40,214.47 faces market fluctuations, while gold struggles amid geopolitical tensions. Debate continues to shape financial perceptions.huang
Huang BoGold advocate Peter Schiff warns of a potential BTC market collapse if the SEC approves a spot Bitcoin ETF. Matrixpoint predicts a delay until Q2 2024, citing Democrats' influence on SEC commissioners. Market sentiment shifts from optimism to skepticism, and analyst Eric Balchunas sees a slim chance of approval, raising concerns about a possible "rug pull of a decade." Uncertainty prevails as the crypto community awaits the SEC's decision.
BerniceSchiff is a long term Bitcoin critic, and current CEO of Euro Pacific Capital
FinboldReal Bedford Football Club nets another example of how Bitcoin grassroots adoption benefits the broader community.
CointelegraphPeter Schiff’s bank closure highlights why Bitcoin is crucial for financial freedom as the nascent asset class has already helped nearly 4 million unbanked in El Salvador to gain banking facilities.
CointelegraphPuerto Rico regulators closed down Schiff’s bank for not maintaining the net minimum capital requirements. As a result, customers lost access to their accounts following a subsequent freeze.
CointelegraphThe big boss of Devere Group believes in the potential of Bitcoin as a hedge against inflation, despite the ongoing ...
BitcoinistEconomist Peter Schiff - the favorite opponent of bitcoin evangelists on social media - has again sounded his trumpet of ...
Bitcoinist