Trump's Crypto Reserve: Schiff Accuses Manipulation, Market Surges
1min read Economist Peter Schiff has accused former President Donald Trump of manipulating the prices of major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and XRP, by pushing for the creation of a U.S. Strategic Crypto Reserve. Schiff claims that this initiative is inflationary and has called for a Congressional investigation into the matter.
The U.S. Strategic Crypto Reserve, announced by Trump in March 2025, aims to establish a national digital asset reserve that includes prominent cryptocurrencies such as Bitcoin, Ethereum, XRP, Solana (SOL), and Cardano. The initiative is part of a broader effort to position the United States as a leader in the evolving digital finance landscape and to strengthen national security.
Schiff, a long-time gold advocate and crypto skeptic, took to social media to express his concerns about the potential impact of the U.S. Strategic Crypto Reserve on the crypto market. He accused Trump of orchestrating a "pump and dump" scheme, alleging that the former president was artificially inflating the prices of certain cryptocurrencies to benefit himself or his associates.
Following the announcement of the U.S. Strategic Crypto Reserve, the crypto market experienced a sharp increase in trading volumes and prices. Bitcoin surged by over 10%, with Solana and XRP following closely behind. The creation of the reserve has fueled investor confidence and renewed interest in government-backed crypto initiatives.
However, Schiff's accusations have raised concerns about the potential for market manipulation and the long-term implications of government involvement in the crypto market. While the immediate market reactions have been positive, the long-term effects of the U.S. Strategic Crypto Reserve will depend on regulatory clarity, technological advancements, and the evolving global financial landscape.
