Bitcoin (BTC) price briefly reclaimed $105,000 today but economist Peter Schiff sparked debate with recent comments on social media. He criticized speculation around a potential Bitcoin strategic reserve in the U.S. Schiff referred to rumors that former President Donald Trump might support such a reserve.
Peter Schiff Continues Criticizing The Idea of Bitcoin Reserve
Schiff wrote on X, “#Bitcoin is at $105K again on speculation that Donald Trump will announce a ‘Strategic’ Bitcoin Reserve. Hopefully, Trump has enough integrity not to sell out his country merely to enrich his Bitcoin donors.” He warned this move could exacerbate inflation and harm the economy.
#Bitcoin is at $105K again on speculation that @realDonaldTrump will announce a “Strategic” Bitcoin Reserve. Hopefully, Trump has enough integrity not to sell out his country merely to enrich his Bitcoin donors. Such a reserve would lead to higher #inflation and a weaker economy.
— Peter Schiff (@PeterSchiff) January 17, 2025
When asked whether his stance extended to reserves for other assets like gold or oil, Schiff clarified his position. He asserted, “Running out of oil would be a problem, so it makes sense to have a strategic reserve, even if accumulating one costs taxpayers money in the short run. There is no need to burden taxpayers with buying Bitcoin that will never be needed for anything.”
Moreover, responding to a user suggesting Trump might sell gold reserves to acquire BTC, Schiff remarked, “If he does that, he could go down as the worst U.S. president in history.”
Wyoming BTC Reserve Bill
These comments coincided with legislative developments in Wyoming, where Representative Jacob Wasserburger introduced the “State Funds-Investment in Bitcoin Act” (HB0201). This bill proposes the establishment of a Bitcoin reserve to enhance Wyoming’s financial resilience. Wasserburger highlighted the state’s tradition of innovation, saying, “Wyoming has always led the way—whether it was women’s suffrage, the creation of the first national park, or inventing the LLC.”
The bill, supported by Senator Cynthia Lummis, aims to allocate a portion of Wyoming’s state funds into Bitcoin, emphasizing its potential for long-term value growth. According to Wasserburger, HB0201 reflects Wyoming’s commitment to leading legislative reforms in digital assets, aligning with principles of decentralization and financial stability.
Also Read: Bitcoin Soars to $102,000 as CPI Data Boosts Market Ahead of Trump’s Inauguration
