Peter Schiff Rejects Bitcoin Reserve, Labels BTC a ‘Fraud

Table Of Contents

Peter Schiff Slams Bitcoin Promoters, Denies Support for BTC Reserve
Peter Schiff Denies Bitcoin Reserve Support, Calls BTC Promotion ‘Fraud’
Schiff’s Take on XRP’s Role in a Crypto Reserve
What’s Next?

Peter Schiff Slams Bitcoin Promoters, Denies Support for BTC Reserve

Peter Schiff’s Alleged Endorsement: A Misinterpretation?

Renowned economist^z Peter Schiff has strongly refuted claims that he supports a Bitcoin reserve, accusing crypto promoters of misrepresenting his views. While he acknowledges Bitcoin’s strategic appeal, he remains a staunch critic of XRP and questions its inclusion in any reserve.

Schiff’s comments initially led to speculation that he had softened his anti-Bitcoin stance. However, he quickly clarified that his statements had been distorted, calling Bitcoin’s promotional tactics “fraudulent.” This abrupt shift has reignited debates on institutional Bitcoin adoption and its legitimacy in financial markets.

Peter Schiff Denies Bitcoin Reserve Support, Calls BTC Promotion ‘Fraud’

Schiff took to X (formerly Twitter) to dispute rumors of his endorsement of a Strategic Bitcoin Reserve. He accused Bitcoin promoters of deliberately twisting his words to manipulate market sentiment. According to Schiff, misinformation was being spread to drive up BTC’s price artificially.

He went further by labeling⁶ Bitcoin’s marketing tactics as “fraudulent,” claiming that many BTC advocates resort to deceptive strategies to inflate its perceived value. His comments sparked a backlash within the crypto community, with some dismissing his claims as yet another anti-Bitcoin tirade, while others accused him of backtracking on his statements after witnessing a positive market reaction.

Schiff’s Take on XRP’s Role in a Crypto Reserve

Following former President Donald Trump’s announcement of a proposed U.S. Crypto Reserve—including Bitcoin, XRP, Solana, and Cardano—Schiff weighed in on the debate. While acknowledging Bitcoin’s potential as a reserve asset, he vehemently opposed XRP’s inclusion, asking, “Why do we need an XRP reserve?”

XRP supporters quickly defended its use cases, emphasizing its utility in cross-border payments and financial networks. Meanwhile, Bitcoin enthusiasts interpreted Schiff’s remarks as an implicit endorsement of BTC, celebrating his recognition of Bitcoin as digital gold and advocating for a dedicated Bitcoin reserve.

However, Schiff later doubled¹ down on his opposition, reiterating that Bitcoin promoters had distorted his words. He maintained that he has never supported a BTC reserve, further fueling ongoing debates about crypto’s legitimacy and future regulatory scrutiny.

What’s Next?

Schiff’s recent statements have once again sparked controversy over Bitcoin’s credibility. While some view his accusations as a warning against market manipulation, others dismiss them as an extension of his long-standing anti-Bitcoin rhetoric. His remarks come at a time when crypto markets, including Bitcoin, Ethereum, Solana, Cardano, and XRP, are experiencing price surges in response to evolving regulatory and institutional developments.

Meanwhile, Trump’s Crypto Reserve proposal hints at potential government involvement in the sector. Despite Schiff’s objections, XRP proponents continue to push for its inclusion. As regulatory discussions progress, the crypto industry awaits clarity on how these developments will shape the future of digital assets.