Influential economist Peter Schiff suggested on Monday that President Joe Biden sell all of the U.S.-owned Bitcoin (CRYPTO: BTC) before leaving office to help reduce the country’s ballooning budget deficit.

What happened: Schiff advised Biden via an X post, deeming it the “one good thing” the outgoing president can do before clearing the way for a Donald Trump tenure.

“Not only would the money raised reduce the 2024 budget deficit, but it would put an end to all the nonsense about creating a harmful “strategic” Bitcoin Reserve,” Schiff argued.

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Schiff also took a shot at Trump, claiming that the president-elect’s commitment not to sell any government-owned Bitcoin assets would stand in such a scenario.

“Biden can do him a favor by selling it all before Trump takes office. That way, Trump won’t have to break that campaign promise.”

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Why It Matters: Schiff’s remarks were in reference to the national Bitcoin stockpile promised by Trump at a Bitcoin conference earlier this year and furthered by proposed legislation by fellow Republican Senator Cynthia Lummis (R-Wyo.). Trump had advocated selling any Bitcoin holdings.