Peter Schiff Criticizes the Council of Advisors on Digital Assets, Claiming Its True Agenda Is to Artificially Inflate Bitcoin Prices

input: Peter Schiff, the well-known stockbroker and financial commentator, criticized the Council of Advisors on Digital Assets, claiming its true agenda is to artificially inflate Bitcoin prices

Peter Schiff, the well-known stockbroker and financial commentator, criticized the Council of Advisors on Digital Assets, claiming its true agenda is to artificially inflate Bitcoin prices for insiders to profit. More precisely, he said that the Council should be abolished.

Schiff’s remarks were specifically triggered by the White House statement that floated the idea of selling gold reserves to purchase Bitcoin.

The Bitcoin Act of 2025, proposed by Senator Cynthia Lummis, aims to create a Strategic Bitcoin Reserve, but lacks bipartisan support with only a few Republican co-sponsors and no Democrats, making its passing unlikely.

What Exactly Does the Proposed Bitcoin Act Entail?

The proposed legislation sees the US government acquire 1 million Bitcoin, spread out by acquiring 200,000 BTC annually over five years. This would be financed using available funds from both the Federal Reserve and the Treasury Department. If enacted, this 1 million Bitcoin would represent 5% of the total BTC supply.

Bo Hines, executive director of the President’s Council of Advisers on Digital Assets, noted that selling US gold reserves to fund Bitcoin purchases is on the table. Hines discussed this in a March 2025 interview on the ‘Crypto in America’ podcast, a stance that aligns with the generally crypto-friendly policies advocated by Donald Trump.

It was this very statement from Bo Hines that prompted Peter Schiff’s sharp response, where on top of what he said, he added that even if selling gold to buy Bitcoin is “on the table” as said, it will stay there indefinitely.

Schiff and Bitcoin

It’s worth noting that Peter Schiff isn’t a person who’s entirely sold on Bitcoin, as he often criticized the cryptocurrency in the past, as well as the crypto industry in general. He is very much an advocate of gold as a store of value and the superiority of tangible assets over digital ones.

Over the years, Schiff has predicted that Bitcoin is a bubble destined to crash. His doubt stems from his belief that cryptocurrencies, unlike gold, don’t protect against inflation, and he frequently advises investors to avoid them.

Unsurprisingly, given his strong anti-Bitcoin stance, Schiff isn’t a particularly liked figure in the crypto community. It doesn’t help that his previous Bitcoin predictions were far off, but his outspoken views more often than not, contribute to diverse debates in the crypto community.