Peter Schiff: "Trump's remarks would be impeachable in traditional finance... opposes stockpiling crypto assets"

Bitcoin critic and economist Peter Schiff has criticized President Donald Trump's statements regarding Bitcoin as a strategic reserve asset.

On the 12th (local time), Peter Schiff stated via X, "Bitcoin now completely depends on Trump's posts," adding that "considering the birth and reason for Bitcoin's existence, this is ironic."

He further criticized, "If a president used social media to manipulate stock prices and helped insiders make big money, it would be illegal and grounds for impeachment," adding, "I don't understand why such actions are legal for crypto assets." He continued, "This could be why Trump changed his previous stance and proclaims himself as the crypto president," emphasizing that "taxpayer money should not be used to stockpile crypto assets."

Peter Schiff said, "Trump mentioned that strategic reserve assets would include altcoins like Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA) in addition to Bitcoin," stating that "this demonstrates that Bitcoin is just one of many crypto assets with unlimited supply potential."

He particularly emphasized that he doesn't understand the reason for making other altcoins strategic reserve assets. Peter said, "While I oppose making Bitcoin a strategic reserve asset, I can understand the logic," explaining, "We stockpile gold, and some argue that Bitcoin is digital gold." He added, "What logic justifies including XRP in reserve assets?" elaborating that he doesn't understand why altcoins should be included in reserve assets.