Peter Schiff’s FOMO: Why he wants USA coin instead of Bitcoin

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Peter Schiff, a harsh critic of Bitcoin, has proposed a government-backed digital currency, “USA Coin.” This shift suggests he’s reconsidering his stance on cryptocurrency, favoring centralized control. His proposal reflects how digital currencies are gaining more acceptance, even from skeptics and critics. For years, Peter Schiff, vocal Bitcoin critic. He has repeatedly argued that Bitcoin lacks intrinsic value, generates no income, and is driven purely by speculation. Even called it as “Bubble.” Schiff’s shift on proposing USA coin Yet, there is a twist, Schiff has recently proposed the creation of a government-backed digital currency called “USA Coin,” instead of Bitcoin Reserve, which is similar to Bitcoin in many ways. Could this sudden shift in his perspective reveal contradictions in long-standing criticism and indicate a selective acceptance of cryptocurrency principles? Schiff has always been an opponent of Bitcoin, emphasizing its limitations as an asset. According to him, Bitcoin is inability to generate income makes it inferior to traditional assets like real estate, which produce rents that can cover debt payments. He has also dismissed Bitcoin as a store of value, arguing that its price surges are driven by hype and FOMO (fear of missing out) rather than fundamental stability, even after it reached $100,000. Schiff criticized the idea of a Strategic Bitcoin Reserve proposed by some U.S. policymakers and Senator Cynthia Lummis being a part. Especially, the idea of using Bitcoin as a reserve to clear the national debt. Schiff argued that this move would destabilize the U.S. economy and weaken the dollar, warning that government involvement in Bitcoin could lead to hyperinflation. From Bitcoin critic to advocate of centralized digital currency Despite his opposition to Bitcoin, Schiff has now proposed the creation of a government-backed digital currency called “USA Coin.” According to him, the coin could have a capped supply…