Peter Schiff Launches His Own “Strategic Bitcoin Reserve” in Ironic Jab at U.S. Government and Bitcoiners

Peter Schiff, a long-time gold advocate and one of Bitcoin’s most outspoken critics, has taken an unexpected turn by launching what he calls his own Strategic Bitcoin Reserve. While Schiff has consistently ridiculed Bitcoin, labeling it a speculative bubble with no intrinsic value, his latest move appears to be a sarcastic critique of both the U.S. government’s approach to digital assets and Bitcoin proponents.

Schiff’s Ironic Announcement on Social Media

On social media, Schiff made a post mimicking the U.S. government’s recent actions concerning Bitcoin accumulation. In a tongue-in-cheek manner, he declared:

“I’ve decided to create my own Strategic Bitcoin Reserve. Just like the U.S. government, I’m developing a budget-neutral strategy for acquiring my Bitcoin at no incremental cost.”

Schiff, however, is not actually buying Bitcoin himself. Instead, he posted a Bitcoin wallet address, encouraging his followers to donate Bitcoin to his reserve. This move is reminiscent of fundraising campaigns in the crypto community, where influencers and businesses post public wallet addresses to receive contributions.

Shortly after, he also shared a Solana wallet address, marking an expansion of his so-called “digital asset stockpile.” He humorously acknowledged the efficiency of Solana’s network by stating:

“Several people have already sent me Solana. It seems that blockchain is much faster than Bitcoin.”

While some interpreted his comments as an unexpected endorsement of Solana, his long history of skepticism toward cryptocurrencies suggests that his remarks were more likely meant to mock Bitcoin’s scalability and transaction speed issues.

A Critique of the Bitcoin-Based Reserve Idea

Schiff has never missed an opportunity to criticize Bitcoin and blockchain technology. His latest stunt seems to be a creative way to highlight what he believes to be the flaws in Bitcoin and the idea of a government-backed digital reserve.

“I’m doing this to show why the proposal of a Bitcoin-based reserve is a bad idea,” Schiff stated.

This is likely a reference to the growing discussions about nation-states holding Bitcoin as a strategic reserve asset, similar to how countries accumulate gold. Bitcoin supporters argue that governments should embrace digital assets as a hedge against inflation and monetary debasement, a notion that Schiff has consistently dismissed.

Schiff: A Reluctant HODLer?

In typical Bitcoin enthusiast fashion, Schiff reassured his followers that he would not sell any of the Bitcoin donated to his wallet. Using Bitcoin slang, he announced:

“To avoid confusion, I’m not going to be selling any Bitcoin from my strategic reserve. My strategy is to go down with the ship, like a true HODLer!”

By saying he will “go down with the ship,” Schiff is likely mocking Bitcoin holders who refuse to sell their assets despite market volatility, a practice often referred to as HODLing in the crypto space.

However, despite his sarcastic tone, Schiff’s Bitcoin wallet has already received nearly 0.055 BTC, worth over $4,600 at the time of writing. Interestingly, the entirety of the funds was quickly moved to other addresses, raising speculation about whether Schiff intends to keep them.

When questioned about this, Schiff admitted that the address belonged to an exchange, though he assured his followers that he would secure the funds using a hardware wallet. This suggests that despite his criticisms, he recognizes the importance of self-custody—one of the fundamental principles of cryptocurrency.

Schiff vs. Trump on Crypto

Schiff’s latest Bitcoin stunt also comes amid his ongoing criticism of former U.S. President Donald Trump’s changing stance on cryptocurrencies. Trump, who was previously critical of Bitcoin, recently softened his position on digital assets, hosting a summit with major crypto industry players. Schiff responded by calling the event:

“A disgrace” and a national embarrassment that would be remembered as a ‘low point for the presidency and the U.S.A.’ for years to come.”

Trump’s shift toward a pro-crypto stance has been seen as a strategic political move, considering the growing influence of digital asset investors in the U.S. economy. However, Schiff remains convinced that Bitcoin has no long-term value, repeatedly warning investors that it is bound to collapse.

Is Schiff Actually Changing His Stance on Bitcoin?

While Schiff’s new “Strategic Bitcoin Reserve” is clearly a satirical jab at Bitcoin supporters, his willingness to interact with digital assets raises an interesting question: Is Peter Schiff secretly becoming more open to crypto?

Despite his relentless criticisms, Schiff has continued to engage with the crypto community, often debating Bitcoin advocates like Michael Saylor and Anthony Pompliano. His son, Spencer Schiff, is a well-known Bitcoin proponent and has even joked that his father will eventually become a Bitcoin supporter.

Moreover, this is not the first time Schiff has been involved in Bitcoin transactions. In 2020, he famously lost access to his Bitcoin wallet due to what he initially claimed was a wallet malfunction. However, it was later revealed that he had forgotten his password, leading to widespread mockery from the Bitcoin community.

Even though Schiff insists that his recent initiative is purely satirical, the fact that he has received thousands of dollars worth of Bitcoin and Solana suggests that some people are either trolling him or genuinely supporting the effort.

Final Thoughts: Schiff’s Satire or Something More?

Peter Schiff’s decision to create a “Strategic Bitcoin Reserve” is both a humorous critique and an ironic acknowledgment of Bitcoin’s influence. While he maintains his anti-crypto stance, his actions continue to suggest that he cannot fully ignore the rising power of digital assets.

His ongoing debates with Bitcoin supporters, his willingness to accept donations in BTC and SOL, and his unexpected acknowledgment of Solana’s efficiency all point to a more complicated relationship with crypto than he may be willing to admit.

Whether Schiff truly believes Bitcoin is worthless or not, one thing is certain: He understands that talking about Bitcoin gets attention. And in the world of finance, attention is a valuable currency in itself.