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## Peter Schiff Alleges China Discarded Bitcoin
Financial analyst Peter Schiff has created controversy, implying that the Chinese administration might have unloaded its Bitcoin assets in January.
This occurs after Senator Cynthia Lummis’s previous remarks regarding a possible Bitcoin arms contest between the US and China reappeared on the internet. Lummis had anticipated a rivalry between the two superpowers to gather Bitcoin.
However, Schiff, famous for his anti-Bitcoin position, thinks China is not concerned in such a contest. He contends that Bitcoin supporters are attempting to inflate the cost by alluding to old news.
“China is mocking us for acquiring Bitcoin,” Schiff declared. “We’re acquiring digital fool’s gold, while they’re acquiring actual gold.” Harsh!
In January, Ki Young Ju, CEO of CryptoQuant, asserted China had already traded 194,000 Bitcoin confiscated from the PlusToken fraud in 2019. These coins were allegedly combined and delivered to multiple exchanges, leading Ju to assume the Chinese administration likely no longer possesses them. dYdX Society Starts Initial Ever $DYDX Repurchase Initiative
According to Bitcoin Treasuries data, China is supposedly the second-largest administration holder of Bitcoin, following only the United States.
Earlier this month, the US made headlines by creating a strategic Bitcoin reserve, a move praised by the crypto community. However, this reserve will solely hold confiscated coins, not newly acquired ones (at least for now).
Other major economies aren’t hurrying to emulate, with countries like Japan and South Korea voicing doubt about utilizing Bitcoin for reserve diversification. It appears the world isn’t quite prepared to embrace the Bitcoin trend just yet!
