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.
On Saturday, Schiff mooted the idea of a new government-backed cryptocurrency with a supply limit of 21 million, similar to Bitcoin, but one that has value and can be utilized for payments.
No prizes for guessing the new USAcoin also shows a supply cap of 21 million but was yet to be validated.
See Also: MicroStrategy's Aggressive Bitcoin Strategy Raises Eyebrows In Crypto Community
Why It Matters: Schiff has blasted the idea of a strategic Bitcoin reserve, going to the extent of calling it "treason" and the "worst monetary mistake" the U.S. could make. He argued that Bitcoin is not a viable reserve asset due to its market volatility.
A gold advocate, Schiff strongly opposes Bitcoin, stating that it has no fundamental value and was destined to fail.
While Schiff admitted to regretting not buying Bitcoin when it was around $1, he emphasized that this doesn't mean he would buy it now.
Price Action: At the time of writing, Bitcoin was exchanging hands at $93,808.60, down 3.16% in the last 24 hours, according to data from Benzinga Pro.
Bitcoin Is No Manhattan Real Estate, Peter Schiff Challenges MicroStrategy's Michael Saylor: 'BTC Doesn't Generate Any Income'
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.
On Saturday, Schiff mooted the idea of a new government-backed cryptocurrency with a supply limit of 21 million, similar to Bitcoin, but one that has value and can be utilized for payments.
No prizes for guessing the new USAcoin also shows a supply cap of 21 million but was yet to be validated.
新的USAcoin同樣顯示出2100萬的供應上限,但尚未得到驗證。
See Also: MicroStrategy's Aggressive Bitcoin Strategy Raises Eyebrows In Crypto Community
另見:MicroStrategy激進的比特幣策略引起了數字貨幣社區的關注
Why It Matters: Schiff has blasted the idea of a strategic Bitcoin reserve, going to the extent of calling it "treason" and the "worst monetary mistake" the U.S. could make. He argued that Bitcoin is not a viable reserve asset due to its market volatility.
A gold advocate, Schiff strongly opposes Bitcoin, stating that it has no fundamental value and was destined to fail.
作爲黃金倡導者,施夫強烈反對比特幣,聲稱它沒有基本價值,並註定要失敗。
While Schiff admitted to regretting not buying Bitcoin when it was around $1, he emphasized that this doesn't mean he would buy it now.
雖然施夫承認後悔在比特幣價格約爲1美元時沒有買入,但他強調這並不意味着他現在會買入。
Price Action: At the time of writing, Bitcoin was exchanging hands at $93,808.60, down 3.16% in the last 24 hours, according to data from Benzinga Pro.