Schiff doubled down on his long-standing position that gold remains a far safer asset.
\nBeyond Bitcoin, Peter Schiff also issued a broader warning about the US economy.
\nSchiff believes the US could be heading toward its worst economic downturn since the Great Depression.<\/p>\n
Economist and long-time Bitcoin critic Peter Schiff has renewed his attack on former President Donald Trump\u2019s Bitcoin reserve plan, highlighting fresh concerns as the cryptocurrency market suffers a major setback.<\/p>\n
With Bitcoin (BTC) down 12% since the reserve\u2019s creation<\/a>, Schiff argues the United States would have been better off investing in gold instead.<\/p>\n In a recent post on X (formerly Twitter), Schiff criticized the Bitcoin Strategic Reserve<\/a>, which was established on March 6 under Trump\u2019s initiative.<\/p>\n He pointed out that while Bitcoin\u2019s value has dropped sharply, gold prices have seen modest gains over the same period.<\/p>\n \u201cSo far, the value of the Bitcoin held in that reserve has declined by over 12%. Had the US sold it and added to our gold reserve, not only would we have avoided that loss, but we would now have a 2% gain,\u201d Schiff wrote.<\/p>\n Schiff doubled down on his long-standing position that gold remains a far safer asset, especially in times of economic uncertainty.<\/p>\n He emphasized that investing in gold would have not only protected the reserve\u2019s value but also generated a small return \u2014 highlighting the precious metal\u2019s reputation as a reliable hedge against inflation and market volatility.<\/p>\n When a user pointed out that the Biden administration previously missed significant Bitcoin gains by selling early, Schiff dismissed the comparison as \u201cirrelevant.\u201d<\/p>\n He stressed that the reserve\u2019s performance should be judged only from the moment it was officially established, not based on hypothetical past moves.<\/p>\n Beyond Bitcoin, Peter Schiff also issued a broader warning about the US economy.<\/p>\n In another post, he linked Trump\u2019s escalating tariff policies to an increased risk of recession, cautioning that the financial markets have not fully priced in the potential damage.<\/p>\n Schiff believes the US could be heading toward its worst economic downturn since the Great Depression.<\/p>\n He warned that even with the current pullback, both equities and crypto assets are still highly overvalued.<\/p>\n In his view, a 50% market drop might not be enough to accurately reflect the scale of the upcoming crisis.<\/p>\n As Bitcoin struggles to regain momentum and economic uncertainty looms, Schiff\u2019s warnings are adding to growing concerns among investors looking for safer investment options like gold.<\/p>\n The post Peter Schiff takes aim at Trump\u2019s Bitcoin reserve move after 12% decline<\/a> appeared first on CoinJournal<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Schiff doubled down on his long-standing position that gold remains a far safer asset. Beyond Bitcoin, Peter Schiff also issued a broader warning about the US economy. Schiff believes the US could be heading toward its worst economic downturn since the Great Depression. Economist and long-time Bitcoin critic Peter Schiff has renewed his attack on […]<\/p>\n","protected":false},"author":0,"featured_media":2894,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-2893","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin"},"acf":[],"_links":{"self":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts\/2893","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/comments?post=2893"}],"version-history":[{"count":0,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts\/2893\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/media\/2894"}],"wp:attachment":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/media?parent=2893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/categories?post=2893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/tags?post=2893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Schiff warns of economic recession<\/strong><\/h2>\n