Peter Schiff, known for his harsh criticism of the cryptocurrency market, made his own suggestion instead, following the US's plans to create a strategic Bitcoin reserve.
Schiff suggested creating a new cryptocurrency to replace the Bitcoin strategic reserve, calling it USAcoin. He argued that the US could save a lot of money this way.
Peter Schiff argued that this coin should be limited to a maximum supply of 21 million coins like Bitcoin. However, he suggested that BTC failed in payments, so the new coin could be made applicable to payments with an updated blockchain. In this way, he expressed with irony that everyone in the US could become rich.
Schiff, who also took a humorous approach, suggested that the logo of the coin he proposed should include the new President of the United States, Donald Trump, and Elon Musk, who is expected to have a great influence on the administration.
Peter Schiff is known for being a strong advocate of gold. Schiff also owns a bank in Puerto Rico, which was seized by authorities and his clients cannot access their assets.
*This is not investment advice.