Renowned economist Peter Schiff has withdrawn his endorsement of a strategic Bitcoin reserve, stirring controversy in financial circles. Schiff claims his stance was misrepresented.
Controversy Over Schiff's Comments
In a recent statement, Schiff criticized Bitcoin promoters for using fraudulent tactics and intentional misinformation to inflate BTC's market value. He emphasized that his previous remarks were misconstrued, clarifying he never supported a Bitcoin reserve.
Trump's Crypto Reserve Plan and Its Impacts
Donald Trump created a strategic US crypto reserve with the inclusion of Bitcoin and tokens XRP, Solana, and Cardano, triggering a substantial market boost. The total market capitalization of cryptocurrencies increased by 6.47%, reaching $3.03 trillion. The price of Bitcoin increased to $94,810 following Trump's announcement.
Denial and Further Clarifications
Schiff has changed his stance regarding those statements by pointing out their misinterpretation by the public. Despite the controversy, Bitcoin remains at elevated levels thanks to Trump's policy. Market sentiment continues to lean bullish amid growing institutional interest.
Despite Schiff's retraction, Trump's strategic reserve announcement has strengthened investor confidence in digital assets. Market sentiment remains bullish.
