Democrat Lawmaker Requests US Treasury to Halt Bitcoin Reserve Plan
The U.S. Treasury faces pressure from House Representative Gerald E. Connolly against President Trump's initiative to establish a strategic Bitcoin reserve.
- Connolly requested the Treasury to stop all efforts toward building a cryptocurrency reserve, deeming it unbeneficial for Americans.
- He criticized the lack of clarity between the Strategic Bitcoin Reserve and the Digital Asset Stockpile.
- Connolly labeled the plan as "unsound fiscal policy," arguing it favors certain cryptocurrencies influenced by social media.
- He expressed concerns over potential misuse of taxpayer money and cited the Federal Reserve's negative assessment of the plan.
- Connolly also accused Trump of bypassing Congress in decision-making regarding the reserve.
- He raised conflict of interest concerns related to Trump's ties with World Liberty Financial and questioned the launch of the Official TRUMP meme coin.
Peter Schiff's Critique
- Economist Peter Schiff criticized the government's focus on Bitcoin as gold prices rise.
- He suggested that the U.S. should enhance its gold reserves instead of pursuing a Bitcoin strategy.
Bitcoin price is under selling pressure, nearing $82,000, with analysts predicting potential corrections to $75,000 if it fails to hold above $80,000. The crypto market has seen over $800 billion lost amid recent economic pressures.