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Peter Schiff accuses Council of Advisors on Digital Assets of attempting to pump up Bitcoin prices
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Schiff’s critics follow a White House mention about possibly selling gold to purchase Bitcoin
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The proposed Bitcoin Act of 2020 aims to acquire 1 million Bitcoins by the US government over a five-year period
Peter Schiff, a well-known financial commentator and stockbroker, has criticized the Council of Advisors on Digital Assets. Schiff claims that the Council’s true agenda is to artificially increase Bitcoin prices so that insiders can profit. He said the Council should be abolished. His remarks were triggered specifically by the White House’s statement that floated an idea to sell gold reserves in order to purchase Bitcoin.
Schiff did not stop there. He argued that the Bitcoin Act of 2020, proposed by Senator Cynthia Lummis, to establish a Strategic Bitcoin Reserve lacks bipartisanship, with only a handful of Republican co-sponsors, and no Democrats. This makes its passage unlikely.
What does the proposed Bitcoin Act entail?
The proposed legislation would see the US government purchase 1 million Bitcoins, spreading it out by purchasing 200,000 BTC each year over five years. The Federal Reserve and Treasury Department would provide the funds to finance this. If implemented, this 1,000,000 Bitcoin would represent 5% the total BTC supply.
Bo Hines, the executive director of President’s Council of Advisers on Digital Assets (PCDA), said that selling US gold reserves for Bitcoin purchases was on the table. Hines made this point in an interview with the ‘Crypto in America podcast’ in March 2025, a position that aligns well with the crypto-friendly policies of Donald Trump.
Peter Schiff’s sharp reply was prompted by this exact statement from Bo Hines. He added that, even if the sale of gold to buy Bitcoin “is on the table”, as stated, it will remain there indefinitely.
Schiff and Bitcoin
Peter Schiff has not always been a fan of Bitcoin. He has criticized it in the past as well as the entire crypto industry. He strongly believes in gold as a form of store of value, and that tangible assets are superior to digital ones.
Schiff has repeatedly predicted that Bitcoin will crash over the years. Schiff’s doubt is based on his belief that unlike gold, cryptocurrencies do not protect against inflation. He often advises investors to stay away from them.
Schiff’s strong anti-Bitcoin position is not surprising. He is not a popular figure in the crypto world. Schiff’s previous Bitcoin predictions weren’t very accurate, but his outspoken opinions are often used to spark debates within the crypto community.
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