Financial commentator Peter Schiff recently escalated his anti-Bitcoin rhetoric, going as far as calling the largest cryptocurrency by market cap “public enemy number one” in his recent post on the X social media.
Schiff accused Bitcoin advocates of bribing government officials to “squander” the public’s money buying the cryptocurrency.
Now, he claims that Bitcoin is a national security threat, not just a speculative bet for private citizens.
Schiff’s scathing criticism comes amid ongoing debates about whether or not the US should establish a state-owned Bitcoin reserve.
As reported by U.Today, MicroStrategy co-founder Michael Saylor recently argued that the US government should ditch gold in favor of Bitcoin. Saylor argued that such a move would “demonetize the entire gold asset class.” The suggestion, of course, rubbed some proponents of the yellow metal the wrong way.
Unsurprisingly, the idea that the US should buy Bitcoin is quite controversial. Earlier this week, Former US Treasury Secretary Lawrence Summers lambasted such an idea as “crazy.”
Polymarket bettors currently see a 27% chance of the US government creating a Bitcoin reserve over the next few months.
Meanwhile, individual US states could race ahead of the federal government to implement their own reserves. For instance, Florida already has such plans for early 2025.
VanEck recently predicted that the price of Bitcoin could end up reaching $3 million by 2025 if it ends up becoming a reserve asset.
Bitcoin is currently trading at $100,032 after reaching six digits for the first time earlier this week.
