Peter Schiff, a vocal critic of Bitcoin, has expressed a negative opinion regarding the creation of a Strategic Bitcoin Reserve, labeling it a 'scam' aimed at luring Americans into investing in cryptocurrencies. He also criticized Donald Trump's support for crypto projects.
What Peter Schiff Stated
Schiff claims that Donald Trump encouraged a speculative frenzy, leading to significant losses for investors in the US. He highlighted the use of reserves to 'scam more Americans into buying crypto.'
Reaction to $TRUMP Meme Coin
Schiff pointed out that the $TRUMP meme coin, launched with the President's name, has lost more than 80% in value. Despite this, the market capitalization remains at $2.2 billion. He cautions investors about the influence of politics on investments.
Criticism of Government Support
Schiff also criticized government involvement in crypto projects, deeming it wasteful spending. He remains firm in his belief that Bitcoin is not a reliable asset for long-term investment. These comments follow Trump's support for the Strategic Bitcoin Reserve at the Blockworks Digital Assets summit, where he praised the idea of holding crypto assets long-term.
Peter Schiff continues to be skeptical of cryptocurrencies and government initiatives in the space, emphasizing the risks investors may face. His criticism targets not only cryptocurrencies but also the political influence on investment decisions.
