Renowned economist Peter Schiff expressed doubts on Saturday that China would engage in a Bitcoin (CRYPTO: BTC) buying competition with the U.S., a view previously espoused by Senator Cynthia Lummis (R-WY).
What Happened: Schiff took to X, questioning the narrative of a potential Bitcoin ‘arms race’ between the U.S. and China.
“In January, Cynthia Lummis said that she thought China would get into the equivalent of an arms race with the U.S. over which nation could buy the most Bitcoin. I doubt it, especially if China was smart enough to have sold all of its Bitcoin during that month,” Schiff wrote.
The Bitcoin critic referenced a January report that detailed the Asian giant’s potential sale of nearly $20 billion in seized Bitcoin, although the claims have yet to be confirmed.
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