Peter Schiff Slams Trump: Is the Bitcoin Reserve a Scheme by Donation Tycoons?

Schiff Reveals: Trump Was 'Forced' to Create Bitcoin Reserves

Peter Schiff, Chief Economist of Euro Pacific Capital, revealed that Trump, under pressure from donors and his cabinet, signed an executive order to create a Strategic Bitcoin Reserve (SBR). He sarcastically remarked that Trump only wants to use the existing government Bitcoin as a facade and has no intention of spending money to buy more. The White House, however, argued that the Treasury Secretary and Commerce Secretary have been authorized to develop a 'zero-cost' purchasing strategy— as long as they can acquire Bitcoin for free, such as through confiscation, the government is willing to stockpile it!

Zero-cost or Illusion?

Schiff firmly asserted that the executive order does not allow spending money to buy Bitcoin, saying, 'If you buy it, you have to pay for it; that's not zero cost!' However, crypto enthusiast Ryan Park countered that the government could exchange gold for Bitcoin, spending not a single taxpayer dollar while stabilizing gold's position amidst the Bitcoin craze. He believes Bitcoin does not replace gold but rather 'adds to it,' reducing market volatility.

Gold for Bitcoin? Schiff Doesn't Buy It

Schiff scoffed: trading gold for Bitcoin is no different from buying it with cash; both have real costs! He warned that if Trump does not rely on large-scale Bitcoin purchases to support the market, Bitcoin will inevitably crash. 'Isn't this just a form of quantitative easing? The only difference is that they're buying Bitcoin instead of government bonds; it's absurd!' Schiff stated that if the government liquidates its Bitcoin holdings, the market could face a catastrophic disaster.

The Truth Behind Trump's 'Market Rescue'

On March 7, Trump officially signed an order to establish a Bitcoin reserve, planning to use 200,000 confiscated Bitcoins to maintain appearances. Schiff, however, believes this is merely a stopgap measure that won't last long. Will Bitcoin rise or crash? This game has only just begun!