Peter Schiff, a well-known critic of Bitcoin and advocate for gold, appears to be making sarcastic remarks about Bitcoin and the broader crypto market in his recent statements.
In his post on X platform, he announced the creation of his own “Bitcoin Strategic Reserve” as well as “Digital Asset Stockpile.”
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. Phase one of my strategy is inviting contributions to my reserve.
3CfJ9FqLPEWHnqf9PD5EWXTby8qYQ66BRX— Peter Schiff (@PeterSchiff) March 8, 2025
Judging by his follow-up posts, Schiff has received only $80 in his wallet. However, the “Digital Asset Stockpile” has seen Solana inflows.
So far my Strategic Bitcoin Reserve is still empty. But I’m developing a Digital Asset Stockpile too. Several people have already sent me Solana. It seems that blockchain is much faster than Bitcoin.
GBZgSHKBMKAtHgpFKgraM3ZCvGqEjBoKoGZQaYifaw8a— Peter Schiff (@PeterSchiff) March 8, 2025
His comments suggest skepticism toward Bitcoin’s long-term viability, comparing it to a “pyramid scheme” and implying that political factors could extend its lifespan.
Schiff has long argued that Bitcoin has no intrinsic value and that government intervention or market forces will ultimately expose its weaknesses.
Crypto strategic reserve
On Thursday, the U.S. president signed an executive order to establish a strategic reserve of cryptocurrencies by using tokens already owned by the government, disappointing some in the market who had hoped for a firm plan to buy new tokens.
This move had little to no effect on Bitcoin’s price or the broader market. At press time, BTC is trading at $86,285.
David Sacks, the White House “AI and crypto czar,” has described the U.S. government’s approach to cryptocurrency as a “digital Fort Knox,” drawing parallels to the Kentucky military base that safeguards much of the nation’s gold reserves.
His remarks suggest an effort to formalize and secure the federal government’s crypto holdings, which he estimates to include at least 200,000 Bitcoin — valued at approximately $17.5 billion at current prices.
While some in the crypto community see this as a step toward greater legitimacy for digital assets, others have criticized the lack of transparency surrounding the government’s crypto strategy.
Some argue that officials should have been more aggressive in leveraging these assets, with Sacks himself acknowledging that it was a “real shame that we did not maximize value for the American taxpayer.”
In response, he has called for a full accounting of the government’s crypto reserves, signaling a potential shift in how the U.S. manages its digital asset holdings.
These discussions were expected to take center stage at a special White House crypto summit on Friday, where policymakers and industry leaders were scheduled to debate the future role of cryptocurrency in the U.S. economy.
White House Crypto Summit
On Friday, the White House held a summit on cryptocurrency, gathering top industry figures to discuss the administration’s vision for a government-owned digital asset reserve.
The event, held in the State Dining Room, featured prominent guests, including MicroStrategy CEO Michael Saylor, Coinbase cofounder Brian Armstrong, investors Cameron and Tyler Winklevoss, and Ripple CEO Brad Garlinghouse. Also in attendance was Zach Witkoff, cofounder of World Liberty Financial.
Treasury Secretary Scott Bessent reaffirmed the administration’s commitment to maintaining the U.S. dollar’s status as the world’s reserve currency, outlining plans to integrate stablecoins into the financial system.
The government’s crypto holdings might go beyond Bitcoin to include other assets such as XRP, the token linked to Ripple.
Some weeks feel like months in crypto…this was one of them. From the @WhiteHouse Crypto Summit to the @CFTC CEO Roundtable and the sheer amount of news announced (hooray for @NatCryptoAssoc!), it’s been quite a few days.
There’s been a lot of talk about what this White House… pic.twitter.com/Laf9bJ0l7V
— Brad Garlinghouse (@bgarlinghouse) March 7, 2025
Following the summit, Garlinghouse expressed optimism about the administration’s broader recognition of the crypto ecosystem. Many viewed the meeting as a step toward clearer regulations and a more favorable environment for the crypto industry in the U.S.