Peter Schiff disputed claims that he endorsed a Strategic Bitcoin Reserve in a sequence of social media posts after he posted,
“I get the rationale for a Bitcoin reserve. I don’t agree with it, however I get it. We have now a gold reserve. Bitcoin is digital gold, which is healthier than analog gold. So let’s create a Bitcoin reserve too.”
He labeled references to his remarks as a mischaracterization and reiterated his view that the federal government shouldn’t subsidize digital belongings. In a single tweet, he likened Bitcoin to “digital gold” however maintained that creating an official reserve is unwise. He additionally questioned why an initiative would come with XRP, SOL, or ADA, suggesting there isn’t a clear market rationale.
Over the weekend, President Donald Trump, in a Reality Social put up, said that his Government Order on Digital Property directed the Presidential Working Group to kind a U.S. Crypto Reserve encompassing Bitcoin, XRP, SOL, and ADA. Schiff countered that such intervention picks winners and losers and argued that markets ought to decide the way forward for cryptocurrencies with out federal involvement.
Group reactions diverse, with some jokingly calling Schiff a “Bitcoin maximalist.” Anthony Pompliano responded by welcoming him “residence,” whereas others requested whether or not his account had been compromised. Schiff addressed the hypothesis, clarifying that acknowledging Bitcoin’s comparability to gold doesn’t sign assist for any official reserve coverage.
The gold maximalist and vocal supporter stated,
“Bitcoin pumpers twist all the things to pump Bitcoin. It’s apparent that I don’t assist a Strategic Bitcoin Reserve. However these pumpers haven’t any downside mendacity that I do. Any such fraud is frequent in Bitcoin.”
