Peter Schiff Critiques Trump's Bitcoin Reserve Amid Market Declines

Peter Schiff, a long-time critic of Bitcoin, has renewed his condemnation of Donald Trump's Strategic Bitcoin Reserve, arguing that the U.S. would be better off investing in gold instead. Since the reserve's establishment on March 6, Bitcoin has dropped over 12%, whereas gold has seen modest gains, leading Schiff to claim that the U.S. could have avoided losses and even achieved a 2% profit by prioritizing gold. Schiff's criticism highlights ongoing tensions between proponents of traditional assets like gold and advocates for cryptocurrencies. He dismissed counterarguments from the crypto community regarding previous Bitcoin sales by the Biden administration as irrelevant, insisting that evaluations should only consider the current reserve's performance. Beyond his critique of Bitcoin, Schiff has warned that the U.S. economy may be heading toward its worst downturn since the Great Depression, citing concerns over Trump's tariff policies and the overall state of equities. He contends that even a significant drop in the stock market may not fully reflect the economic crisis ahead.