Financial commentator Peter Schiff has suggested the idea of creating a government-backed Bitcoin copy called "USA Coin."

Schiff, a well-known cryptocurrency critic, has pitched this as an alternative to creating a strategic Bitcoin reserve.

The gold bug argues that the U.S. government could potentially save a lot of money by opting for its own cryptocurrency instead of investing in Bitcoin.

The 61-year-old pundit proposed capping the maximum supply of USA Coin at 21 million. "So USAcoin will be as scarce as Bitcoin, only with more utility," he said.

However, the cryptocurrency would need an upgraded blockchain that would make the government-backed cryptocurrency actually viable for conducting payments.

"This way we can all get rich," Schiff said while promoting his idea.

Polymarket, the leading cryptocurrency-powered betting website, currently sees a 33% chance of a strategic Bitcoin reserve being created in the U.S. in early 2025.

Earlier this year, Senator Cynthia Lummis of Wyoming introduced a bill that would require the federal government to create a strategic Bitcoin reserve.

The seemingly far-fetched idea has been gaining some traction over the past few months, with many Bitcoin advocates viewing it as a powerful bullish catalyst for 2025.

As reported by U.Today, MicroStrategy co-founder Michael Saylor recently urged the U.S. government to ditch gold in favor of its digital version.

Schiff has vehemently opposed the idea of creating a Bitcoin reserve. Earlier this month, he suggested that it could "squander" the country's wealth.