While some lawmakers and industry leaders support the plan, Schiff warns that it could have disastrous consequences for the U.S. economy.<\/p>\n
Schiff has long argued<\/a> <\/strong>against Bitcoin\u2019s<\/a> <\/strong>role as an investment asset, and he believes that the U.S. government’s involvement in Bitcoin could trigger a dangerous cycle. He suggests that acquiring 1 million BTC to establish a reserve would initially drive the cryptocurrency\u2019s price to new heights, making early investors extremely wealthy.<\/p>\n However, as these investors sell off their holdings to realize their profits, the price would likely plummet. To stabilize the value, Schiff contends, the government might print more dollars to purchase additional Bitcoin, which would further devalue the U.S. dollar in the process. He argues that this would not only destabilize the dollar but also cause the value of Bitcoin to collapse in the long term.<\/p>\n