Peter Schiff Blames ‘Bitcoin Pumpers’ for Spreading False Information, Renounces Support for BTC Reserve

Economist Peter Schiff’s contradictory stance on a strategic Bitcoin reserve has sparked controversy. Though he initially supported the idea countering Donald Trump’s proposal to include XRP as a reserve, Schiff has now renounced his BTC reserve endorsement. In his latest comments, Peter Schiff accused Bitcoin promoters of fraudulent behavior, claiming they manipulated information to boost the BTC price.

Peter Schiff Reverses His Approach To Bitcoin Reserve

In a bizarre turn, Peter Schiff, a renowned economist and financial analyst, has renounced his support for a strategic Bitcoin reserve. Schiff shared an X post today, addressing “Bitcoin pumpers” fraud and criticizing them for spreading misinformation to manipulate BTC price.

Schiff’s reversal comes on the heels of reports suggesting he had backed a strategic Bitcoin reserve, particularly as an alternative to XRP. However, he has now dismissed these claims, emphasizing that he never supported a Bitcoin reserve. Instead, Schiff criticizes the reports, alleging that Bitcoin promoters manipulate information to boost the cryptocurrency’s value. He added, “This type of fraud is common in Bitcoin.”

Did Peter Schiff Actually Support Strategic Bitcoin Reserve?

In response to President Donald Trump’s decision to establish a US crypto reserve that includes Bitcoin, XRP, Solana, and Cardano, Peter Schiff shared his perspectives. While Schiff wrote on X that he understood “the rationale for a Bitcoin reserve,” he strongly opposed the idea of an XRP reserve. He posited, “But what’s the rationale for an XRP reserve? Why the hell would we need that?”

While the XRP community countered Peter Schiff’s comments by highlighting the cryptocurrency’s potential, Bitcoin enthusiasts assumed his remarks signaled support for a BTC reserve. The enthusiasts celebrated his words, “Bitcoin is digital gold, which is better than analog gold. So let’s create a Bitcoin reserve too.” However, via his latest post, he questioned the BTC supporters for misinterpreting his comments.

Market Explodes Post Donald Trump’s Crypto Reserve Strategy

“A US Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA,” stated Donald Trump via X post.

Following Donald Trump’s announcement of the crypto reserves plan, the market explodes, with the total market cap reaching $3.03 trillion, up 6.47%. Bitcoin, which hovered around the $85k mark, skyrocketed to $94,810, possibly triggered by Trump’s move and Peter Schiff’s statement.