Peter Schiff Suggests Creating USA Coin

Financial commentator Peter Schiff has suggested the idea of creating a government-backed Bitcoin copy called “USA Coin.”

Schiff, a well-known cryptocurrency critic, has pitched this as an alternative to creating a strategic Bitcoin reserve.

The gold bug argues that the U.S. government could potentially save a lot of money by opting for its own cryptocurrency instead of investing in Bitcoin.

The 61-year-old pundit proposed capping the maximum supply of USA Coin at 21 million. “So USAcoin will be as scarce as Bitcoin, only with more utility,” he said.

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However, the cryptocurrency would need an upgraded blockchain that would make the government-backed cryptocurrency actually viable for conducting payments.

“This way we can all get rich,” Schiff said while promoting his idea.

Polymarket, the leading cryptocurrency-powered betting website, currently sees a 33% chance of a strategic Bitcoin reserve being created in the U.S. in early 2025.

Earlier this year, Senator Cynthia Lummis of Wyoming introduced a bill that would require the federal government to create a strategic Bitcoin reserve.

The seemingly far-fetched idea has been gaining some traction over the past few months, with many Bitcoin advocates viewing it as a powerful bullish catalyst for 2025.

As reported by U.Today, MicroStrategy co-founder Michael Saylor recently urged the U.S. government to ditch gold in favor of its digital version.

Schiff has vehemently opposed the idea of creating a Bitcoin reserve. Earlier this month, he suggested that it could “squander” the country’s wealth.