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Cryptocurrency News Articles
Bitcoin BTC/USD Critic Peter Schiff Warns the Strategic Bitcoin Reserve Is a Tool to Trick Americans
Mar 21, 2025 at 03:17 am
In an X post on Thursday, Schiff slammed the strategic Bitcoin reserve, stating that it exists solely to “scam” more Americans into buying crypto.
output: Bitcoin BTC/USD critic Peter Schiff is warning that the strategic Bitcoin reserve is a tool to trick Americans into speculative losses.
What Happened: In an X post on Thursday, Schiff slammed the strategic Bitcoin reserve, stating that it is being set up to “scam” more Americans into buying crypto.
Schiff called out President Donald Trump (TRUMP TRUMP/USD), predicting that more Americans will lose money in crypto under his influence than in any other speculative mania in history.
Schiff furthered his point with an example of the TRUMP token, which is already down 80% from its peak, making it a “perfect example” of misplaced hype.
According to Schiff, investors bought into TRUMP due to Trump's pro-crypto stance, and they are expecting it to benefit from the ex-president's popularity, which will never last.
His remarks come as the President lauded the strategic Bitcoin reserve at a pre-recorded address at the Blockworks Digital Assets Summit on Thursday.
Price Action: TRUMP is down 30% over the past month, while Bitcoin has dropped 10% and XRP price eroded about 9% over the same time frame.
Why It Matters: This isn't Schiff's first jab at crypto.
In an X post on Jan. 30, Schiff teased the meme coin creation and stated that he has instead created something better—an ordinal, the Bitcoin equivalent of an NFT.
In another post on Jan. 19, Schiff suggested that the Trump Media & Technology Group should follow Strategy's Bitcoin strategy but with TRUMP tokens.
According to him, they should issue convertible notes to fund the acquisition of more TRUMP tokens, creating a self-reinforcing cycle of price appreciation and capital expansion.
Read Next:
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- Several Major Cryptocurrency Firms Donated a Combined Total of Over $12.27 Million to President Donald Trump's 2025 Inauguration Fund
- Apr 22, 2025 at 12:10 pm
- These contributions highlight a growing political alignment between the digital asset sector and the current U.S. administration, which has positioned itself as an advocate for Bitcoin and broader crypto adoption.
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- Solana Labs, Consensys, and Uniswap Donate to Donald Trump's Inauguration Fund Preceding SEC Enforcement Decisions
- Apr 22, 2025 at 12:05 pm
- United States (US) Securities and Exchange Commission (SEC) enforcement decisions follow $239 million in Donald Trump's inaugural donations, including funds from top crypto firms Solana, Consensys, and Uniswap.
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- Bitcoin's impressive market growth is driving increased attention to new crypto listings despite recent volatility.
- Apr 22, 2025 at 12:00 pm
- Cortex Protocol ($CX) celebrates Bitcoin's bullish future, aligning community hype with a $250,000 target narrative. A presale nearing $5 million shows growing support for meme-powered optimism and long-term Bitcoin enthusiasm.
