Economist Peter Schiff slammed Bitcoin (CRYPTO: BTC) investors’ expectations of the apex cryptocurrency being designated as a strategic reserve asset, likening it to political vote-buying tactics.
What Happened: On Tuesday, Schiff took to X to criticize those who hope for former President Donald Trump to use taxpayer money to buy and hold Bitcoin as a Treasury reserve asset, equating it to President Joe Biden’s promise to forgive student loans to win votes.
“This is why the U.S. was never intended to be a democracy,” Schiff remarked.
Bettors on the cryptocurrency prediction market, Polymarket, however, believe there is only a 29% chance of this happening as of this writing.
The staunch Bitcoin critic had earlier expressed skepticism about the potential success of presumptive Democratic presidential nominee Kamala Harris following President Joe Biden‘s withdrawal from the 2024 presidential race.
Price Action: At the time of writing, Bitcoin was trading at $64,248.61, following a drop of 2% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Wikimedia Commons
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