Bitcoin skeptic and gold bug Peter Schiff has created his Bitcoin reserve, making a sarcastic connotation of the broader market sentiment. According to his post on blogging platform X, Schiff announced that he had created his “Bitcoin Strategic Reserve”, adding that he also has a “Digital Asset Stockpile.”
Peter Schiff is quite popular, more for his criticism of Bitcoin and the crypto market than the way he promotes gold and investments in the precious metal. Aside from criticizing Bitcoin, Peter Schiff has always criticized Bitcoin proponents like Strategy CEO Michael Saylor. In a rant last year, he urged Saylor to borrow another $4.3 billion to purchase BTC, taking a dig at the company’s decision to finance their BTC purchases using loans.
Peter Schiff creates his Bitcoin reserve
According to his post , Peter Schiff mentioned that he is in phase one of his budget-neutral strategy, urging people to join in the contribution phase. “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,” he said.
However, judging by his follow-up posts, Schiff only received $80 in his Bitcoin wallet, with his “Digital Asset Stockpile” seeing a considerable amount of 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,” he noted, before adding, “The Bitcoin started rolling into my reserve. I’ve got about $80 worth now.”
As at press time, the value of the Bitcoin donated to his reserve has increased considerably, with about 0.00260568 BTC, worth $224.29 received. However, it doesn’t look like Peter Schiff is reserving any BTC, because presently, the wallet is almost empty, with 0.00259309 BTC, worth $223.20 already sent out of the wallet.
White House crypto summit reiterates the United States’ commitment to Bitcoin
The White House held its first cryptocurrency summit where leaders of the industry were in attendance to discuss the government’s vision for the industry and a government-owned reserve. The event featured prominent personalities, including Strategy CEO Michael Saylor, Coinbase cofounder Brian Armstrong, investors Cameron and Tyler Winklevoss, and Ripple CEO Brad Garlinghouse. Also in attendance was Zach Witkoff, co-founder of World Liberty Financial.
Attendees at the White House Crypto Summit. Source: Brad Garlinghouse (X/Twitter) During the meeting, Treasury Secretary Scott Bessent noted that the administration is committed to making the United States dollar the reserve currency of the world, hinting at signs of integrating stablecoins in its financial system. Donald Trump, in his executive order towards a strategic crypto reserve, added Bitcoin and some other assets.
Sacks mentioned that “it is a real shame that we did not maximize value for the American taxpayer.” In response, he has called for the full accounting of the government’s crypto reserve, noting a shift in the way that the US manages its crypto holdings. After the meeting, Ripple CEO Brad Garlinghouse expressed confidence at the decision of the administration to recognize the crypto industry.
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