Peter Schiff celebrates 62nd birthday with a jab at Bitcoin and the US government

Jakarta, Pintu News – Peter Schiff, the conservative economist known as a fierce Bitcoin critic, is back in the limelight as he celebrates his 62nd birthday in an unusual way: launching his own Bitcoin Strategic Reserve. This action is a form of satire against the pro-crypto policies of the United States government, especially President Donald Trump’s plan to establish a national Bitcoin strategic reserve.

Schiff’s Bitcoin “Reserve”: Serious Satire?

Through his X account (formerly Twitter), Schiff stated that he didn’t want a birthday present, but rather a Bitcoin donation for his newly formed strategic reserve. He also mentioned that he has now successfully moved his BTC from an exchange to a hardware wallet – an important security measure in storing crypto assets.

Despite claiming to be a true HODLer, the reserve he manages has only raised about $4,500, mostly from small donations from his followers. Schiff says that his investment strategy is to “sink with the ship,” reinforcing the satirical tone of this stunt.

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Open Criticism of the US Government’s Bitcoin Strategy

Schiff has long opposed the use of Bitcoin in government policy. He even advised President Joe Biden to sell all of the country’s BTC reserves, arguing that the proceeds could reduce the 2024 budget deficit. In his opinion, establishing a strategic reserve based on Bitcoin is “irresponsible.”

For him, real assets like gold and oil make much more sense as national strategic reserves. Schiff writes that encouraging countries to move wealth into crypto is tantamount to wasting resources that could otherwise be used for the production of real goods and long-term economic growth.

Highlighting the Government’s Relationship with the Crypto Industry

In addition to criticizing crypto-related fiscal policies, Schiff also directed his criticism at the close relationship between the government-especially under Trump-with crypto industry players. He called the recent Crypto Summit held at the White House a “national disgrace.”

Schiff also criticized crypto projects directly associated with Trump, such as the $TRUMP meme token, which he said is a perfect example of speculative mania. “Thanks to Trump, more Americans will lose more money in crypto than in any speculative mania before,” he said.

Despite a brief surge after Trump’s promotion, the $TRUMP token has dropped more than 84% from its high of $73.43 on January 19, and is currently hovering around $11.67 ($190,221).

Criticism of Crypto Legitimization in Government

Schiff argues that government involvement in crypto is not only economically risky, but also ethically and governance-wise. He highlighted the potential conflict of interest if a public official is involved in a widely promoted crypto project. According to him, Trump’s move in supporting tokens that are also owned by his private entities undermines public trust in a neutral and transparent government.

A strong proponent of a gold-based financial system, Schiff has long warned that crypto is a speculative bubble that will eventually burst. Yet, interestingly, he himself is now “playing” in the very world he condemns-although still with a sarcastic tone.

Conclusion

Peter Schiff may still be one of the most vocal critics of Bitcoin and the cryptocurrency industry, but his actions this time show that he understands the symbolic and narrative influence of crypto in the public sphere.

Through his own version of Bitcoin reserves, Schiff not only satirizes the government, but also shows how much influence Bitcoin has that it can be used as a tool for social and political criticism. Regardless of the pros and cons, this narrative reinforces crypto’s position as a central topic in modern economic and governance discourse.

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Reference:

• Decrypt. Peter Schiff Celebrates Bitcoin Birthday by Mocking Crypto Industry. Accessed March 24, 2025.
• Featured Image: Bitcoin News