Economist and market commentator Peter Schiff warned on Wednesday that Americans would bear the brunt of the impact should the Bitcoin (CRYPTO: BTC) “bubble” burst.
What Happened: During his podcast, Schiff disputed the notion that the U.S. establishing a Strategic Bitcoin Reserve would spark a global race to acquire BTC.
“If the U.S. government is not going to buy any Bitcoin, then why is anybody else?” Schiff questioned. “I never believed that other countries would be dumb enough to buy Bitcoin just because we did it.”
The Bitcoin critic argued that the U.S. did it because politicians were influenced by the cryptocurrency lobby, an allegation that he has also made in the past.
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