Economist and gold advocate Peter Schiff has again criticized the creation of a Strategic Bitcoin Reserve, calling it a "scam" in the way of misleading the crypto industry. he is a well-known BTC critic, this time said a strategic Bitcoin Reserve was just created to promote BTC, and this lead to massive losses for American crypto investors.
In a post on X, Peter Schiff blamed President Donald Trump for promoting digital assets and encouraging people to make risky investments. His warning, that politically backed Bitcoin would attract investors, who do not fully understand the risks.
Source: Twitter X post
Peter Schiff argued that Trump is fueling a speculative mania around BTC and other digital assets. he specifically pointed out the TRUMP meme coin, which lost more than 80% of its value from its peak. according to him many investors bought the token, expecting to have gained from the $Trump coin. However, he believes this hype is misleading and could result in significant losses.
The TRUMP meme coin, which gained attention due to its connection with Trump’s pro-crypto stance, has seen a sharp decline. It is currently valued at $10.92, marking a 33% drop in just one month.
It has declined after the first digital crypto summit by more than 4% in just 24 hours, showing the negative impact of trumps speech on his token.
Despite its previous popularity, according to him, politically affiliated cryptocurrencies can mislead investors and make them suffer heavy losses. many people invest based on hype rather than actual value.
when the Crypto Reserve was announced first by the president, Peter openly denied claims about his support for the Strategic Bitcoin Reserve. In a post on X, he accused BTC promoters of manipulating the market. He stated that misinformation was being spread to increase BTC’s price. He went further and called Bitcoin’s marketing tactics “fraudulent”.
Peter has always opposed the government's involvement in cryptocurrency. Likewise, he previously dismissed the idea of government-backed crypto initiatives, calling them a waste of resources. His latest comments come after presidents speech on Strategic Bitcoin Reserve at the Blockworks Digital Assets Summit.
With growing political and institutional interest in BTC, Schiff’s warnings serve as a reminder of the risks involved in cryptocurrency investments. Whether it is a smart long-term asset or a speculative bubble remains to be seen.
These allegations make a demand of more strong crypto regulations os investors can feel safe. Despite criticism from Schiff and other skeptics, the administration has indicated plans to hold on to reserved assets for the long term.
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