Economist and vocal Bitcoin critic Peter Schiff has condemned the idea of a Strategic Bitcoin Reserve, claiming it is a misleading initiative designed to lure investors into speculative crypto investments.
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Schiff, a staunch advocate for gold, accused former U.S. President Donald Trump of fueling a speculative frenzy that could leave many American investors facing severe financial losses.
Taking to X, Schiff argued that the proposed Bitcoin reserve is a deceptive move, enticing individuals into high-risk investments that could ultimately prove disastrous.
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Additionally, Schiff has been vocal about his skepticism toward MicroStrategy’s Bitcoin strategy. He pointed to the company’s heavy dependence on borrowed funds and Bitcoin’s price volatility as major concerns, suggesting that these factors put its financial stability in jeopardy.
He also highlighted that MicroStrategy’s stock has plunged by more than 55% since November 2024, reinforcing his argument that its Bitcoin-focused approach is unsustainable.
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Alexander Zdravkov
