The post Peter Schiff slams Trump’s Bitcoin Reserve – ‘Gold would have been a better bet!’ appeared on BitcoinEthereumNews.com.

Peter Schiff criticized Trump’s Bitcoin Reserve idea and pushed gold as a safer alternative Bitcoin’s price action has been inconsistent lately, on the back of U.S. recession concerns As Bitcoin [BTC] struggles to regain momentum amid the ongoing market downturn, long time critic Peter Schiff has resurfaced with fresh criticism. This time, targeting Donald Trump’s proposal for a U.S Bitcoin Reserve. Schiff slams Trump’s Bitcoin Reserve idea As the cryptocurrency fell on the charts, Schiff doubled down on his gold-first position. He claimed that had the government sold its Bitcoin holdings to purchase gold instead, the nation would be in a far better financial position. Taking to X, Schiff noted, “A month ago on Mar. 6th, Trump established the Strategic Bitcoin Reserve. So far, the value of the Bitcoin held in that reserve has declined by over 12%. Had the U.S. sold it and added to our gold reserve, not only would we have avoided that loss, but we would now have a 2% gain.” Why the criticism? Schiff backed his argument by highlighting that amid the recent volatility, gold would have yielded a modest 2% gain had the U.S. chosen to prioritize the precious metal over Bitcoin. He emphasized once again that gold offers a more reliable hedge in turbulent economic conditions. When challenged by a user who argued that the Biden administration had already missed significant profits by offloading Bitcoin early, Schiff was quick to dismiss the remark as “irrelevant.” According to him, gains or losses should only be assessed from the moment the concept of an official Bitcoin reserve is introduced – Not before. Schiff said,  “That’s irrelevent, as we didn’t have a Strategic Bitcoin Reserve years ago. We can only count how much money the government gains or loses going forward of the reserve.” What’s more?…

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Filed under: News - @ April 10, 2025 2:28 pm