Bitcoin (BTC) Critic Peter Schiff (Unexpectedly) Launches Strategic Bitcoin Reserve

Peter Schiff, one of Bitcoin's (BTC) most vocal critics, has done something unexpected. The gold advocate and long-time crypto skeptic recently launched his Strategic Bitcoin Reserve

Peter Schiff, a renowned gold advocate and a persistent critic of Bitcoin, has taken an unexpected turn. In a recent birthday update, Schiff, who is famously skeptical of cryptocurrencies, announced that he has moved his Bitcoin holdings from an exchange to a hardware wallet.

This move follows the launch of his Strategic Bitcoin Reserve, a project conceived after an interaction with a government official who explained how the U.S. government can acquire assets without incurring additional spending.

"For transparency, I moved my Strategic Bitcoin Reserve from an exchange to a hardware wallet. Today is my 62nd birthday. To build my reserve in a budget-neutral way, just like the U.S. government, in lieu of gifts, I'm accepting Bitcoin. bc1q0vxwxsmkjy5t95qpc0mfznl59928grsr4wfa97," Schiff stated in a post on X, formerly Twitter.

Schiff further emphasized that any contributions to his Bitcoin reserve would be used to build it and would not be for his personal use.

"I'm not asking for any personal donations. I prefer that any contributions to my Strategic Bitcoin or other crypto reserves be made to the specific token or coin on-chain to the addresses in my profile (which I'll be updating as needed). I'll never sell or touch any Bitcoin that's contributed to my reserve. It will remain in the Strategic Bitcoin Reserve forever," he added.

Moreover, Schiff disclosed that he is also open to receiving PaxGold or Tether Gold, both gold-backed stablecoins, as contributions to his reserve.

Furthermore, Schiff revealed that he has begun collecting Solana (SOL), which he prefers to keep separate from his Bitcoin reserve, in a separate "Crypto Stockpile" that remains in his exchange wallet.

As of press time, Schiff's Bitcoin reserve holds 0.05 BTC, valued at approximately $4,200.