Outspoken Bitcoin critic and seasoned economist Peter Schiff took a playful jab at the cryptocurrency industry on his 62nd birthday by requesting Bitcoin donations to his newly created “Bitcoin Strategic Reserve.” In a post shared on X, Schiff revealed that he had successfully transferred the reserve’s holdings from an exchange to a hardware wallet, further fueling the satirical nature of his initiative.
Schiff, who is well-known for predicting the 2008 financial crisis and serving as the founder of Euro Pacific Asset Management, launched the Bitcoin reserve earlier this month. The move was aimed squarely at lampooning the U.S. government’s proposal to establish a national Bitcoin reserve, a policy Schiff has openly criticized.
So far, the reserve has attracted over $4,500 in contributions, mostly comprising small donations. Despite his history of calling Bitcoin a speculative asset with no intrinsic value, Schiff leaned into the humor, declaring that his plan is “to go down with the ship, like a true HODLer.”
“Since I’m never selling the Bitcoin that is contributed into my Strategic Reserve, it’s not really a donation to me, but to my reserve,” Schiff replied to an X user fo asked if he was changing his anti-bitcoin stance.
Schiff Doubles Down on Criticism of Government Bitcoin Plans
Peter Schiff has been one of the most vocal critics of the Trump administration’s proposal to establish a U.S. Strategic Bitcoin Reserve, dismissing the idea of government-backed crypto holdings as misguided. Instead, the veteran economist continues to champion traditional assets, particularly gold and petroleum, as more reliable stores of value.
In a post shared earlier this month, Schiff argued that diverting national capital toward cryptocurrency weakens a country’s ability to invest in tangible economic output.
“The more money a country channels into crypto, the less capital it has to fund the production of real goods and legitimate wealth creation,” he wrote.
He also labeled government encouragement or subsidization of crypto reserves as “a waste of resources.”
Beyond policy critique, Schiff has also taken aim at what he perceives to be an increasingly close relationship between the crypto industry and the Trump administration, including ventures tied to the Trump family itself. His satirical Bitcoin Strategic Reserve serves as a pointed commentary on these developments.
Peter Schiff has also not held back in his criticism of the recently organized White House crypto summit, labelling it as a “disgrace” and a “national embarrassment,” arguing that such events only serve to further entrench risky speculative behavior within the financial system.
Taking direct aim at the Trump administration’s endorsement of digital assets, Schiff has labeled the government’s Bitcoin Strategic Reserve plans as a dangerous gateway for drawing more Americans into volatile markets.
“Thanks to Trump, more Americans will lose more money in crypto than in any prior speculative mania in history,” Schiff stated, singling out the $TRUMP meme coin as a prime example.
While the $TRUMP coin saw a temporary bump in value following Trump’s recent social media endorsement, the token remains down over 84% from its all-time high of $73.43 in January. Currently trading around $11.67, the coin’s trajectory has further fueled Schiff’s argument about the speculative nature of such assets, reinforcing his call for investors to exercise caution.
Quick Facts:
- Economist Peter Schiff marked his 62nd birthday by soliciting Bitcoin donations for his satirical “Bitcoin Strategic Reserve.”
- The reserve, launched earlier this month, critiques the U.S. government’s proposal for a national Bitcoin reserve.
- Schiff’s reserve has collected over $4,500 so far, primarily from small contributions.
- Despite his long-standing Bitcoin skepticism, Schiff joked he plans to “go down with the ship, like a true HODLer.”
