Peter Schiff Denounces Bitcoin Reserve, Calls Out ‘Fraudulent’ Promotion

Economist Peter Schiff has stirred controversy with his shifting stance on Bitcoin.

Initially appearing to back the idea of a Bitcoin reserve while dismissing XRP, Schiff has now distanced himself from such claims, accusing Bitcoin advocates of spreading misinformation to inflate its value.

Schiff criticized what he described as “Bitcoin pumpers,” alleging they manipulate narratives to create artificial demand. His remarks follow reports suggesting he supported a strategic BTC reserve, which he now refutes, labeling the claims as misinterpretations.

The confusion began when Schiff responded to Donald Trump’s proposed crypto reserve, which would include Bitcoin, XRP, Solana, and Cardano. While he questioned the rationale for XRP’s inclusion, some interpreted his comments as implicit support for a BTC reserve.

Bitcoin supporters latched onto his statement comparing BTC to digital gold, but Schiff has since clarified that this was not an endorsement.

Instead, he now accuses Bitcoin proponents of twisting his words to serve their own agenda.