Economist Peter Schiff has backtracked on his previous stance regarding a Bitcoin reserve, now denouncing Bitcoin advocates as frauds. Schiff, who recently appeared to support the idea of a BTC reserve in contrast to former President Donald Trump’s proposal to include XRP, has clarified that he never endorsed Bitcoin as a strategic reserve.
Instead, he claims that Bitcoin proponents have distorted his statements to create a false narrative and artificially inflate BTC’s value.
Schiff’s reversal comes after he initially questioned the rationale behind including XRP in a US crypto reserve, leading many Bitcoin supporters to assume he favored BTC as an alternative. His statement, “Bitcoin is digital gold, which is better than analog gold,” was widely interpreted as an endorsement of a Bitcoin reserve. However, Schiff has now dismissed these interpretations, asserting that Bitcoin advocates manipulated his words to promote their agenda. He accused them of deliberately spreading misinformation and labeled such actions as fraudulent.
This controversy unfolds amid Donald Trump’s announcement of a US Crypto Reserve, which includes Bitcoin, XRP, Solana, and Cardano. Trump’s proposal sent shockwaves through the market, pushing the total crypto market cap to $3.03 trillion, marking a 6.47% increase. Bitcoin surged from $85,000 to $94,810, potentially influenced by Trump’s policy shift and the misinterpretation of Schiff’s earlier comments. As Schiff continues to criticize Bitcoin pumpers, the debate over crypto reserves and digital assets remains heated.
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