TLDR
- Peter Schiff, a vocal Bitcoin critic, is asking for Bitcoin donations to his satirical “Bitcoin Strategic Reserve” for his 62nd birthday
- Schiff has transferred his Bitcoin holdings from an exchange to a hardware wallet for transparency
- His reserve has accumulated over $4,500 (approximately 0.05 BTC) mostly from small donations
- Schiff has been critical of the Trump administration’s plans for a U.S. Strategic Bitcoin Reserve
- He has also started collecting Solana, kept separate in what he calls his “Crypto Stockpile”
Peter Schiff, one of cryptocurrency’s most vocal critics, has taken an unexpected turn. The financial commentator is now collecting Bitcoin in what he calls his “Bitcoin Strategic Reserve” while continuing to criticize the crypto industry. Yesterday, on his 62nd birthday, Schiff asked followers to donate Bitcoin to his reserve instead of sending him traditional gifts.
Schiff launched his reserve earlier this month as a satirical response to the U.S. government’s plans for a similar initiative. He has managed to move his holdings from an exchange to a hardware wallet, a step he claims increases transparency.
“My strategy is to go down with the ship, like a true HODLer!” Schiff posted on X.
This statement maintains his skeptical stance while using insider cryptocurrency terminology that refers to holding onto assets regardless of market conditions.
The Reserve Grows
The reserve has gathered over $4,500 worth of Bitcoin so far. This amounts to about 0.05 BTC at current market rates. Most of this has come from small donations from followers.
Schiff has made it clear that these contributions are not personal gifts. They are specifically for his reserve, which he claims he will never sell or use personally.
His approach allows him to build Bitcoin holdings without spending his own money. It’s a practical method that aligns with his overall criticism of cryptocurrency investments.
Schiff has also shown interest in gold-backed tokens. He mentioned he would accept PaxGold or Tether Gold contributions, reinforcing his well-known preference for gold-based assets.
Beyond Bitcoin
Interestingly, Schiff has expanded his cryptocurrency holdings beyond Bitcoin. He has started collecting Solana, another popular cryptocurrency.
He keeps these Solana tokens separate from his Bitcoin reserve. Schiff refers to this collection as his “Crypto Stockpile” and currently stores it in an exchange wallet rather than moving it to hardware storage.
This separation suggests different views on these assets. Schiff appears to see Bitcoin as a long-term reserve asset while treating Solana differently.
Continued Criticism
Despite building his own reserve, Schiff remains highly critical of government involvement with cryptocurrency. He has spoken out against the Trump administration’s plans for a U.S. Strategic Bitcoin Reserve.
Instead, Schiff advocates for strengthening reserves in traditional assets. He particularly supports gold and petroleum as reserve assets.
“The more money a country diverts to crypto, the less capital it has to fund the production of real goods and legitimate wealth creation,” Schiff wrote on March 7.
He added that government encouragement of cryptocurrency investment represents a “waste of resources.”
Whichever country is the leader in crypto is the loser. The more money a country diverts to crypto the less capital it has to fund the production of real goods and legitimate wealth creation. The worst thing any government can do is encourage or subsidize this waste of resources.
— Peter Schiff (@PeterSchiff) March 7, 2025
His criticism extends to what he sees as too-close relationships between the crypto industry and the current administration. He has also called out the Trump family’s cryptocurrency ventures.
Schiff called the recent White House crypto summit a “disgrace” and “national embarrassment.” These strong statements show his consistent opposition to mainstream cryptocurrency adoption.
Last week, he claimed the government’s Bitcoin Strategic Reserve plan was just a way for the crypto industry to push more Americans into speculative losses. This maintains his long-held position that cryptocurrency investments are dangerous.
Schiff’s background gives weight to his economic opinions. He was one of the few financial commentators to correctly predict the 2008 economic crash. He is also a founding member of Euro Pacific Asset Management.
His birthday request and reserve-building activities represent an unusual approach from a known critic. While collecting cryptocurrency himself, he continues to warn against its broader adoption.
Schiff’s dual approach of building a reserve while maintaining criticism shows the complex relationship even opponents may have with cryptocurrency. His actions demonstrate how individuals in the financial world are responding to crypto’s growing influence, even when deeply skeptical of its value.
The modest size of Schiff’s reserveâcurrently holding 0.05 BTCâis small compared to institutional holdings. But for someone who has spent years criticizing cryptocurrency, it represents an unexpected development in the ongoing debate about Bitcoin’s role in finance.
Stay Ahead of the Market with Benzinga Pro!
Want to trade like a pro? Benzinga Pro gives you the edge you need in today's fast-paced markets. Get real-time news, exclusive insights, and powerful tools trusted by professional traders:
- Breaking market-moving stories before they hit mainstream media
- Live audio squawk for hands-free market updates
- Advanced stock scanner to spot promising trades
- Expert trade ideas and on-demand support
