Schiff’s Bitcoin reserve hits $4,500 amid crypto criticism

Peter Schiff, a vocal Bitcoin (CRYPTO:BTC) sceptic and economist, marked his 62nd birthday by soliciting donations to his satirical Bitcoin Strategic Reserve, a tongue-in-cheek response to U.S. government proposals for a national crypto reserve.

The reserve, which Schiff transferred to a hardware wallet, has amassed over $4,500 in small donations since its launch earlier this month.

Schiff, known for predicting the 2008 financial crisis and advocating for gold reserves, has long criticised Bitcoin and the crypto industry.

He dismissed the Trump administration’s plans for a Strategic Bitcoin Reserve, calling it a “national embarrassment” and arguing that diverting capital to crypto undermines “real goods and legitimate wealth creation.”

The economist’s latest move reflects his broader scepticism.

Despite his reserve’s ironic premise, Schiff insists he’s “in it for the long haul,” adopting the crypto community’s “HODL” mantra to mock its perceived recklessness.

His stance contrasts sharply with President Donald Trump’s pro-crypto agenda, which Schiff claims will lead to “more Americans losing money in crypto than in any prior speculative mania.”

Schiff’s criticism extends to Trump’s affiliated crypto ventures, including the TRUMP meme coin, which he cited as an example of speculative losses.

The token, down 84% from its January peak of $73.43, briefly surged after Trump endorsed it on social media but remains volatile.

The Bitcoin Strategic Reserve initiative also highlights Schiff’s opposition to government involvement in crypto.

He has urged the U.S. to liquidate its Bitcoin holdings, arguing it could reduce the budget deficit and avoid legitimising speculative assets.

As regulators and policymakers debate crypto’s role in finance, Schiff’s critiques serve as a counterpoint to the industry’s growth narrative.

At the time of reporting, the Bitcoin (BTC) price was $86,905.88.