After the launch of his strategic bitcoin reserve, Schiff has received over $4,500 worth of BTC in donations. The gold bug and bitcoin critic stated that this exercise will show “why a bitcoin reserve is a bad idea.”
Gold Bug Peter Schiff Launches Strategic Bitcoin Reserve Initiative 'Like a True HODLer'
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Bitcoin Critic Peter Schiff Launches Strategic Bitcoin Reserve and Crypto Stockpile Initiatives
Peter Schiff, the well-known gold bug and bitcoin critic, has officially launched his own strategic bitcoin and crypto accumulation initiative on social media, mimicking the move made by the U.S. government under the Trump administration.
Schiff took to social media, posting a tongue-in-cheek announcement revealing his endeavor. He stated:
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.
Schiff also posted the address associated with his reserve, calling for followers to start donating to the reserve. After this, Schiff also included a Solana address, also launching a digital asset stockpile. “Several people have already sent me Solana. It seems that blockchain is much faster than Bitcoin,” he noted.
Schiff stated he was doing this as a way of showing why the proposal of a bitcoin-based reserve was a bad idea.
In bitcoiner slang, he left it clear that none of the bitcoin donated would be sold. “To avoid confusion I’m not going to be selling any Bitcoin from my strategic reserve. My strategy is to go down with the ship, like a true HODLer!,” Schiff declared.
“I’m going down with the ship so others never get on board,” he remarked.
So far, the address posted by Schiff has received nearly 0.055 BTC worth over $4,600 at the time of writing, with the totality being moved to other addresses. Schiff confirmed this address belonged to an unidentified exchange, noting that he would secure these funds using a hardware wallet.
Before, Schiff had blasted Trump’s newfound crypto stance several times, calling the recent summit a “disgrace” and a national embarrassment that would be remembered as a “low point for the presidency and the U.S.A.” for years to come.
Read more: Trump Makes History With First-Ever White House Digital Asset Summit
