Peter Schiff opted out of receiving gifts for his 62nd birthday yesterday.
Instead, he’s asking for Bitcoin contributions towards his newly established Bitcoin Strategic Reserve, which he has successfully moved from an exchange to a hardware wallet, as noted in a
post
on X.
Schiff, a veteran financial analyst who accurately predicted the 2008 financial crisis and is a founding member of Euro Pacific Asset Management, launched this reserve earlier this month as a playful critique of the U.S. government’s plans to establish one.
Currently,
Schiff’s reserve
has raised over $4,500, largely through small donations. Although he has a history of skepticism towards Bitcoin, he claims he’s committed for the long term, stating his strategy “is to go down with the ship, like a true HODLer!”
Schiff has been a prominent critic of the Trump administration’s proposal for a U.S. Strategic Bitcoin Reserve, or any cryptocurrency-related reserve.
He advocates instead for bolstering existing reserves in gold — a resource he greatly favors — or oil.
“The more capital a nation allocates to crypto, the less it can invest in the production of tangible goods and genuine wealth creation. The worst action any government could take is to promote or subsidize this misallocation of resources,” he
stated
on March 7.
Additionally, Schiff has criticized what he perceives as an overly friendly connection between the cryptocurrency sector and the current U.S. administration, as well as the Trump family’s own cryptocurrency initiatives.
He labeled the recent White House crypto summit a “disgrace” and a “national embarrassment.”
Last week, he
claimed
that the Bitcoin Strategic Reserve initiative was merely a strategy for the crypto industry to draw more Americans into speculative losses.
“Thanks to Trump, more Americans will experience greater losses in crypto than in any previous speculative frenzy in history. The $TRUMP meme coin, which is already down over 80%, serves as a perfect illustration,” he remarked.
Although there was a brief surge last weekend when Trump
posted
about the token on Truth Social, the meme coin is down 84.1% from its all-time high of $73.43 on January 19, according to
CoinGecko
. It is currently trading at $11.67, having risen 7.7% in the last 24 hours, but it’s still significantly below its peak.
Edited by Sebastian Sinclair
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