Longtime digital asset critic Peter Schiff has publicly recognized Bitcoin (BTC) as digital gold. The economist dared to admit this after US President Donald Trump announced the previous composition of the national crypto reserve.
«I understand the logic behind bitcoin reserves. I don’t agree with it, but I understand it. We have a gold reserve. Bitcoin — is digital gold, which is better than analog gold. So let’s create a reserve in bitcoins», — wrote Schiff in X.
However, Schiff emphasized that his remarks should not be taken as support for government subsidization of digital assets. He noted that an official reserve in cryptocurrencies is not a good idea. He also expressed doubts about including XRP, SOL, and ADA in this reserve. Schiff also criticized government interference in the market. It is up to the market to pick winners and losers.
«I wonder how much money people who knew in advance that Truth Social Post was coming, loaded up on XRP, SOL, and ADA, and have already cashed them in have made?», — Schiff added.
The crypto community had a mixed reaction to his words. Some people ironically called Schiff a «bitcoin maximalist», and famous investor Anthony Pompliano jokingly welcomed him «to the family». At the same time, others expressed suspicion that Schiff’s account could have been hacked. In response, he explained that comparing bitcoin to gold does not mean he supports any government cryptocurrency policy.
Interestingly, the co-founder of the BitMEX cryptocurrency exchange and well-known entrepreneur Arthur Hayes also commented the situation with the creation of the US crypto reserve.
«Nothing new. Just words. Let me know when Congress approves debt financing or revises the price of gold. Without that, they don’t have the funds to buy bitcoin and bricks».
But the market will still be shaken. On March 7, the White House will host a Crypto Summit chaired by Trump.
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