Peter Schiff, a well-known Bitcoin critic and gold advocate, has strongly criticized the U.S. Strategic Bitcoin Reserve Strategy.

He argues that this is a scam campaign, misleading investors into high-risk investments.

Schiff: Trump’s strategy will cause significant losses

In a post on platform X, Schiff accused former President Donald Trump of fueling an uncontrolled speculative frenzy.

He warned that the combination of political influence and cryptocurrency hype could lead to severe financial losses for American investors.

Schiff also expressed skepticism about MicroStrategy’s Bitcoin strategy, arguing that the company is overly reliant on debt and BTC’s volatile price.

According to him, the fact that MicroStrategy’s stock price has dropped over 55% since November 2024 is a clear sign of financial risk.

The Plunge of TRUMP Meme Coin

Schiff cited the decline of the TRUMP meme coin as an example—a token that gained popularity due to its association with Trump’s pro-crypto stance but has now lost over 80% of its value from its peak.

He warned that many investors bought in with the hope that the token would surge in value due to political backing.

For Schiff, government involvement in the cryptocurrency market is simply a waste of public funds.

He has repeatedly claimed that Bitcoin is not a long-term strategic asset, despite Trump’s praise for the Bitcoin reserve strategy in a speech at the Blockworks Digital Assets Conference.

Peter Schiff

Currently, the TRUMP meme coin is trading at $11.08, down 32% in just one month, with a market capitalization of $2.21 billion and a 24-hour trading volume of $509.56 million.

Meanwhile, the Trump administration continues to assert that it will hold crypto assets long-term rather than selling them early.

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