Peter Schiff Critiques Bitcoin Reserve

Financial commentator Peter Schiff has slammed the proposal of creating a Bitcoin reserve, labeling it as “the ultimate taxpayer boondoggle.”

Schiff argues that forcing American taxpayers to hold Bitcoin involuntarily would be a greater injustice than the Wall Street bailout during the 2008 financial crisis. He believes this move would validate the “worst fears” of America’s founding fathers.

> “Leaving the American public as involuntary bagholders in the Bitcoin pyramid scheme would be a new low in American politics that confirms our Founding Fathers’ worst fears,” Schiff stated.

Unlikely Bitcoin Reserve for the U.S.

As reported by U.Today, in March, the U.S. government announced plans for a strategic Bitcoin reserve, initially to include only confiscated coins, leaving the Bitcoin community underwhelmed.

Treasury Secretary Scott Bessent had suggested the possibility of the U.S. beginning to purchase Bitcoin. Recently, the White House released a detailed 166-page cryptocurrency report acknowledging this reserve.

However, Polymarket bettors currently see only a 21% chance that the U.S. will hold unconfiscated Bitcoin in its reserves. Schiff has previously expressed skepticism regarding any government purchases of Bitcoin.