Key Takeaways
- Peter Schiff acknowledged Bitcoin as 'digital gold' but opposes a reserve.
- He criticized Trump's inclusion of XRP, SOL, and ADA in the reserve plan.
- Schiff denied claims that he supports a Strategic Bitcoin Reserve.
Economist and gold advocate Peter Schiff addressed speculation surrounding his stance on Bitcoin reserves after his recent social media comments sparked debate.
In a tweet, Schiff stated:
I get the rationale for a Bitcoin reserve. I don’t agree with it, but I get it. We have a gold reserve. Bitcoin is digital gold, which is better than analog gold. So let’s create a Bitcoin reserve too.
I get the rationale for a Bitcoin reserve. I don't agree with it, but I get it. We have a gold reserve. Bitcoin is digital gold, which is better than analog gold. So let's create a Bitcoin reserve too. But what's the rationale for an XRP reserve? Why the hell would we need that?
— Peter Schiff (@PeterSchiff) March 2, 2025
Misinterpretation of remarks
Following the statement, some interpreted Schiff’s remarks as an endorsement of President Donald Trump’s plan to form a U.S. Crypto Reserve, which includes Bitcoin, XRP, Solana (SOL), and Cardano (ADA).
However, Schiff pushed back, calling these claims a mischaracterization.
He reiterated his opposition to government involvement in digital assets and criticized the selection of specific altcoins.
Government intervention concerns
Schiff argued that the government’s intervention in the crypto market unfairly picks winners and losers.
He stated:
Bitcoin pumpers twist everything to pump Bitcoin. It’s obvious that I don’t support a Strategic Bitcoin Reserve.
Look at this fraudulent headline. Bitcoin pumpers twist everything to pump Bitcoin. It's obvious that I don't support a Strategic Bitcoin Reserve. But these pumpers have no problem lying that I do. This type of fraud is common in Bitcoin.https://t.co/Ctv0obCCWV
— Peter Schiff (@PeterSchiff) March 3, 2025
Schiff’s remarks prompted mixed reactions, with some jokingly calling him a “Bitcoin maximalist,” while others speculated whether his account had been hacked.
What part of "I don't agree with it" do you not understand?
— Peter Schiff (@PeterSchiff) March 2, 2025
Firm opposition to official reserve policy
Despite recognizing Bitcoin’s comparison to gold, Schiff remains firmly against any official reserve policy involving digital assets.
