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.

The U.S. government holds more than 198,000 Bitcoin as of this writing, worth nearly $19.48 billion, per on-chain analytics firm Arkham Intelligence.

Proponents of the reserve have argued that Bitcoin’s value growth could help pay down the national debt, which now exceeds $35 trillion .

However, Schiff, a fierce critic of everything Bitcoin, warned that such an idea could lead to an economic catastrophe . He suggested that the government would have to continuously increase its Bitcoin holdings, potentially triggering a market crash as investors cash out.