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Schiff: Bitcoin Reserve Would Be 'Ultimate' Taxpayer Boondoggle

2025-08-01 18:57:56

Schiff: Bitcoin Reserve Would Be 'Ultimate' Taxpayer Boondoggle

Main Idea

Peter Schiff criticizes the idea of a U.S. Bitcoin reserve, calling it a taxpayer boondoggle, while the likelihood of such a reserve being implemented remains low.

Key Points

1. Peter Schiff describes a Bitcoin reserve as 'the ultimate taxpayer boondoggle,' arguing it would be detrimental to American taxpayers.

2. The U.S. government announced a strategic Bitcoin reserve in March, but it will initially include only a minimal amount.

3. Polymarket bettors estimate only a 21% chance of the U.S. holding non-confiscated Bitcoin in its reserves.

4. Schiff previously stated that the U.S. government would not be purchasing Bitcoin for reserves.

5. The White House released a 166-page cryptocurrency report, but it did not mention XRP.

Description

A Bitcoin strategic reserve would be the worst fear of the Founding Fathers, according to Peter Schiff

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Peter Schiff

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