Renowned Bitcoin sceptic Peter Schiff has unleashed criticism at presidential hopeful Robert F. Kennedy Jr. over his proposed Bitcoin Buy Plan, branding it a strategic move aimed at securing votes. Kennedy unveiled his ambitious plan at the Bitcoin Conference 2024 in Nashville, outlining intentions to integrate BTC into the U.S. economic strategy through executive orders on his first day in office. Schiff’s condemnation adds fuel to the debate surrounding the controversial proposal, with stakeholders eagerly awaiting further developments.
Robert F. Kennedy Jr. on Bitcoin Buy Plan
Kennedy said that the actions included instructing the Department of Justice and U.S. Marshals to transfer some 200,000 BTC reserves the government holds to the U.S. Treasury. Then, the Treasury would have that Bitcoin as a strategic asset. Moreover, Kennedy suggested that the Treasury buy 550 BTC daily until the U.S. accumulates a reserve of a minimum of “4 million” BTC.
He says this would make the U.S. a hegemon in the world BTC market, just like the country’s large gold reserves. Kennedy also hoped for tax reform in the treatment of Bitcoin. He said he would sign an executive order to the IRS, asking it to make all transactions between Bitcoin and the United States dollar non-taxable and issue public guidelines.
Further, he suggests that BTC be allowed in 1031 exchanges for real property to improve usability. It should also be noted that Kennedy announced his Bitcoin Buy Plan before Trump’s alleged announcement on Saturday, July 27. Therefore, a crypto voter shift could be seen.
However, on the presidential end, Kennedy has a very thin chance of winning. According to Polymarket, Kennedy holds only 1%, while former President Donald Trump has a dominant 54% chance of winning. Meanwhile, Kamala Harris had 39% win odds on Polymarket.
Peter Schiff Slams RFK Jr.
Peter Schiff, a famous economist and long-time Bitcoin critic wasted no words in responding to Kennedy’s proposal. Schiff dubbed the Kennedy Bitcoin Buy Plan a vote-buying scheme in a post on X. According to Schiff; the candidate is wooing BTC fans by ‘promising to waste taxpayer money’ by buying Bitcoin and exempting BTC gains from income tax. He further ridiculed the strategic value of BTC.
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He remarked, “There’s nothing strategic about #Bitcoin. No nation should own any as a reserve asset.” Furthermore, Schiff’s criticism also applied to Kennedy’s broader policy implications: According to Schiff, BTC does not have the same benefits to offer as returning to the gold standard—a policy he does support.
He was disappointed that his BTC stance overshadowed Kennedy’s positive message. Schiff argues that BTC doesn’t cure basic problems. The economist wrote, “It suggests the promises of Kennedy are more about gaining votes than a promise of effectively working policy.”.
Thus, Peter Schiff called for a classical gold standard. Also, if it is a vote-buying stunt, the Bitcoin Buy Plan would never see the light of day, even if RFK Jr. makes it to the White House. Earlier, Schiff also slammed Donald Trump for promoting the Bitcoin Buy Plan. Contributing to the discussion, Michael Saylor of MicroStrategy also threw in such a proposal but was met with objections from Schiff.
Saylor then recommended that the U.S. government amass a considerable BTC reserve, just like it holds a huge percentage of the world’s gold and land. Saylor’s suggestion was thus literally almost placing what Kennedy wanted as reality: the U.S. government to be among the biggest holders of Bitcoin. However, Peter Schiff lambasted Saylor’s suggestion, referring to his proposal as an offer to have the government bail out BTC.
He accused Saylor of calling for government intervention to bail out BTC. The economist subtly implied that this move would leave taxpayers bearing the risks of a failing crypto market. More importantly, Schiff wrote on X, “Ironically, Michael Saylor is looking for a government #Bitcoin bailout.” Besides, he even referred to BTC as a “pyramid scheme” orchestrated by early investors like Saylor.
Conclusion
The stringent criticism by Peter Schiff of Robert F. Kennedy Jr.’s Bitcoin Buy Plan sets a diametrically opposite tone on the perceived role of cryptocurrency in national economic strategy. With the 2024 election closer, the debate over the future of Bitcoin and its place in the U.S. economy can only grow, setting up one of the more intriguing clashes between new financial innovations and dogma.
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