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.

READ MORE:

Trump Declares Bitcoin and Ethereum Key to America’s Crypto Strategy

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.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.