Peter Schiff, a prominent gold advocate, has clarified his stance on the U.S. government’s potential creation of a strategic Bitcoin reserve. He labeled recent reports about his comments as a mischaracterization, reiterating his belief that the government should not subsidize digital assets.
In a tweet, Schiff acknowledged Bitcoin’s status as “digital gold” but expressed concern about the formation of an official U.S. reserve for the cryptocurrency. He questioned the inclusion of other assets like XRP, SOL, and ADA, suggesting that there was no clear market rationale for their inclusion in such an initiative.
Over the weekend, former President Donald Trump took to Truth Social, announcing that his Executive Order on Digital Assets had tasked the Presidential Working Group with forming a U.S. Crypto Reserve, which would include Bitcoin, XRP, SOL, and ADA. Schiff responded by criticizing the move, arguing that government intervention would unfairly pick winners and losers and that markets should decide the future of cryptocurrencies without federal involvement.
Reactions from the cryptocurrency community were mixed. Some jokingly labeled Schiff a “Bitcoin maximalist,” while others, such as Anthony Pompliano, welcomed him “home.” Meanwhile, some followers speculated whether Schiff’s account had been compromised. In response, Schiff clarified that acknowledging Bitcoin’s comparison to gold was not an endorsement of an official reserve policy, but merely a reflection of his view on the digital asset’s role.
Schiff, a vocal proponent of gold, remains steadfast in his belief that digital currencies should not be supported by government measures.
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