The elected President of the United States, Donald Trump, has expressed intentions to establish a national Bitcoin strategic reserve. However, Peter Schiff, the founder of SchiffGold and a prominent gold bull who has consistently criticized Bitcoin as worthless, suggested on the 21st that a “USA Coin” could be created to replace the Bitcoin strategic reserve. He also designed a logo for the USA Coin himself.
(Background: Is the BTC super cycle coming? Analysts: Trump’s Bitcoin reserves and global corporate buying may break the halving bull-bear fate)
(Background information: Full text of the “U.S. Bitcoin Strategic Reserve” executive draft: Managing BTC as a permanent national asset)
After taking office, President-elect Trump may establish a national Bitcoin strategic reserve. However, as a Bitcoin skeptic, Peter Schiff has repeatedly stated his opposition to the idea of the U.S. government creating a strategic Bitcoin reserve. On the 10th, Schiff urged President Biden to sell all the Bitcoin currently held by the federal government before leaving office, claiming that the funds raised could reduce the budget deficit for 2024 and put an end to all the absurd ideas about establishing a strategic Bitcoin reserve.
The one good thing #Biden can do before leaving office is sell all the #Bitcoin currently held by the U.S. Govt. Not only would the money raised reduce the 2024 budget deficit, but it would put an end to all the nonsense about creating a harmful “Strategic” Bitcoin Reserve.
— Peter Schiff (@PeterSchiff) December 9, 2024
Creating a USA Coin to replace the Bitcoin reserve?
On the 21st, Peter Schiff further proposed an alternative that the U.S. government could adopt, advocating for the creation of a USA Coin instead of establishing a strategic Bitcoin reserve, claiming this move could save the U.S. a significant amount of money:
Like Bitcoin, the supply cap for USA Coin would be 21 million coins, and USA Coin could operate on an upgraded blockchain, making it practically usable for payments, allowing everyone to become wealthy.
Instead of creating a #Bitcoin strategic reserve, the U.S. could save a lot of money by creating #USAcoin. Just like Bitcoin, the supply can be capped at 21 million, but with an upgraded blockchain to make USAcoin actually viable for use in payments. This way we can all get rich.
— Peter Schiff (@PeterSchiff) December 21, 2024
Interestingly, Peter Schiff used X’s AI chatbot Grok to design the logo for USA Coin, which features the likenesses of Trump and Tesla CEO Elon Musk. Schiff also proclaimed the marketing slogan, “HODL to the moon America!”
Grok created this. I also asked ChatGPT to create the image, but it refused citing content restrictions.
— Peter Schiff (@PeterSchiff) December 21, 2024
Peter Schiff: USA Coin will be as scarce as Bitcoin
Schiff’s remarks sparked considerable discussion, and he subsequently announced that due to the growing popularity of the idea of creating USA Coin, he decided to upgrade the logo design, which now features golden likenesses of Trump and Musk. He also addressed Trump directly:
Trump needs to establish USA Coin by executive order and build a strategic reserve. Bitcoin is for losers; USA Coin is for winners. Buy USA Coin, or enjoy the fun of staying poor.
Now that #USAcoin is gaining a following, I’ve decided to upgrade the design. @realDonaldTrump needs to establish this coin by executive order and build a strategic reserve. #Bitcoin is for losers. USA Coin is for winners. Buy it, or have fun staying poor.
!
(https://example.com/image)
— Peter Schiff (@PeterSchiff) December 21, 2024
In response to netizens, Peter Schiff added that since the supply cap for USA Coin is 21 million coins, it will be as scarce as Bitcoin but with greater practicality.
