- Peter Schiff has upgraded the design for his proposed USAcoin.
- Schiff advised President Trump to establish the USAcoin by executive.
- According to Schiff, the USAcoin will make a better reserve coin than Bitcoin.
Renowned Bitcoin critic Peter Schiff has upgraded the design for his proposed cryptocurrency, the USAcoin. In a recent post on X, Schiff advised President Trump to establish the USAcoin by executive order and build a strategic reserve.
Schiff’s new design post follows up on his initial proposal in which he noted that creating the USAcoin instead of implementing a strategic Bitcoin reserve will allow the U.S. to save a lot of money. The Bitcoin critic suggested that the proposed cryptocurrency mimics Bitcoin with a 21 million supply cap. However, he advocated for an upgraded blockchain to make USAcoin viable for payments.
Related: Bitcoin Critic Peter Schiff Says Take Profit Now as BTC Rallies
Details of Schiff’s proposed USAcoin design include headshots of President Trump and one of his greatest supporters in the last U.S. presidential election, Elon Musk. Both individuals are renowned cryptocurrency advocates. Musk is famous for his involvement with Dogecoin in the previous bull cycle, amid other activities within the crypto space.
In the meantime, Trump clarified his intention to create a strategic Bitcoin reserve by stockpiling the cryptocurrency. Many Trump supporters consider the move positive, noting it would give the government some control over the cryptocurrency. They believe implementing the strategic Bitcoin reserve would discourage other countries from using the cryptocurrency as an alternative to the dollar.
Related: Speculation Grows: Trump to Back Bitcoin as US Strategic Reserve at 2024 Conference
Meanwhile, economic analysts have highlighted a potential downside to Trump’s proposal. According to analysts, creating a Bitcoin stockpile could expose taxpayers to risks. They think the taxpayers would bear the burden of bailing out crypto investors in case of a Bitcoin price crash.
Schiff’s Bitcoin criticism is unrelenting. The renowned economist recently advised incumbent President Joe Biden to sell all the U.S.-owned Bitcoin before leaving office in January. According to Schiff, it would help the country to reduce its “ballooning” budget deficit. Schiff described the act as the “one good thing” President Biden could do before clearing the way for the Trump tenure.
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