Schiff's Surprise: Bitcoin as "Digital Gold"

Gold maximalist Peter Schiff has sparked a debate in the cryptocurrency community after seemingly endorsing a U.S. Strategic Bitcoin Reserve, while questioning the legitimacy of XRP and other altcoins. Schiff, a vocal critic of digital assets, took to social media to express his views on the matter.

In a series of posts, Schiff stated, "I get the rationale for a Bitcoin reserve. I don’t agree with it, but I get it. We have a gold reserve. Bitcoin is digital gold, which is better than analog gold. So let’s create a Bitcoin reserve too." However, he later clarified that his remarks were misinterpreted and that he does not support government subsidization of digital assets.

Schiff likened Bitcoin to "digital gold" but maintained that creating an official reserve is unwise. He also questioned the inclusion of XRP, SOL, and ADA in any such initiative, suggesting that there is no clear market rationale for their selection.

Over the weekend, former President Donald Trump announced on Truth Social that his Executive Order on Digital Assets directed the Presidential Working Group to form a U.S. Crypto Reserve encompassing Bitcoin, XRP, SOL, and ADA. Schiff countered this intervention, arguing that markets should determine the future of cryptocurrencies without federal involvement.

The cryptocurrency community reacted with mixed sentiments, with some humorously labeling Schiff a "Bitcoin maximalist." Anthony Pompliano welcomed him "home," while others questioned whether his account had been compromised. Schiff addressed the speculation, clarifying that acknowledging Bitcoin's comparison to gold does not signal support for any official reserve policy.

Schiff, a gold maximalist and vocal supporter, stated, "Bitcoin pumpers twist everything to pump Bitcoin. It’s obvious that I don’t support a Strategic Bitcoin Reserve. But these pumpers have no problem lying that I do. This type of fraud is common in Bitcoin."