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In a recent statement, economist and vocal cryptocurrency opponent Peter Schiff urged President Joe Biden to liquidate the U.S. government’s Bitcoin holdings. This call to action has ignited a debate regarding the government’s overarching strategy towards Bitcoin. Schiff argues that divesting these assets could significantly alleviate the expected budget deficit in 2024 while quelling discussions about a potential ‘strategic Bitcoin reserve’. He proposed, “The most beneficial decision Biden could make prior to leaving office is to sell the federal government’s Bitcoin.” Schiff’s concerns extend to former President Donald Trump, suggesting that his administration might seek to maintain Bitcoin reserves without a clear acquisition strategy. He advised immediate action to mitigate the risk of Trump’s plans should he return to office, emphasizing the importance of responsible asset management in the fluctuating realm of cryptocurrencies.
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