A cheeky remark by influential economist Peter Schiff spawned a new cryptocurrency on Sunday that already has millions added to its capitalization.
What happened: The creators of the cryptocurrency USAcoin (USACOIN) were inspired by Schiff, who advised the U.S. government to consider the possibility of a strategic USAcoin reserve rather than a Bitcoin (CRYPTO: BTC) reserve.
As of this writing, the coin has a market valuation of roughly $2.80 million, with over $7 million in trading volume in the last 24 hours, according to CoinMarketCap.
Reacting to the new coin, Schiff clarified that he doesn’t endorse it. “My post was sarcastic—don’t buy it,” the staunch Bitcoin critic said. However, he stood by the idea behind proposing such a cryptocurrency.
Full story available on Benzinga.com