Peter Schiff, a vocal critic of Bitcoin, has slammed the creation of a Strategic Bitcoin Reserve, calling it a “scam” aimed at tricking Americans into investing in cryptocurrencies.
In a recent post on X, Schiff claimed that Donald Trump had encouraged a speculative mania that would result in a great loss to investors in the United States. He singled out the $TRUMP meme coin, which has lost more than 80% of its value, as one of the examples of how such crypto scams can be counterproductive.
Schiff claimed that Trump’s endorsement of crypto projects is fake and that many investors who invest in such projects due to political influence do not know the risks involved. He stated that with Trump at the helm and the crypto craze, more people will be led to lose their money than in any other bubble.
The $TRUMP meme coin that was launched on the United States of America’s president’s name, which has also gone down by 32.57% in a month, according to CoinMarketCap. Nevertheless, the market capitalization is still at $2.2 billion, which shows that speculative investments can still be made, even when there are steep losses.
Schiff also criticized government involvement in crypto, labeling it as wasteful spending. He remains firm in his belief that Bitcoin isn’t a reliable asset for long-term investment.
These comments follow Trump’s support for the Strategic Bitcoin Reserve at the Blockworks Digital Assets Summit, where he praised the idea of holding crypto assets long-term.
