TLDR
- Peter Schiff, a known Bitcoin critic, asked for Bitcoin donations to his satirical “Bitcoin Strategic Reserve” for his 62nd birthday
- Schiff’s reserve has collected over $4,500 in Bitcoin (0.05 BTC) and he recently moved it from an exchange to a hardware wallet
- He has been critical of the Trump administration’s plans for a U.S. Strategic Bitcoin Reserve, preferring gold or petroleum reserves
- Schiff has also started collecting Solana in what he calls his “Crypto Stockpile,” kept separate from his Bitcoin reserve
- Despite his long history of Bitcoin skepticism, Schiff claims he will “go down with the ship, like a true HODLer”
Peter Schiff, one of the most vocal critics of Bitcoin, is now collecting the cryptocurrency for his own “Bitcoin Strategic Reserve.” The financial commentator marked his 62nd birthday on March 23 by asking for Bitcoin donations instead of traditional gifts.
Schiff launched his reserve earlier this month as a satirical response to the U.S. government’s plans to create a similar reserve. The move comes as a surprise to many, given his well-known skepticism about cryptocurrencies.
The reserve now holds about 0.05 Bitcoin, worth around $4,500. Most of this has come from small donations from the public.
In a recent update, Schiff announced he had moved his Bitcoin holdings from an exchange to a hardware wallet. This step is often taken by long-term holders who want more security for their digital assets.
Schiff has made it clear that contributions to his reserve are not personal donations. He insists that the Bitcoin in the reserve will never be sold or touched by him.
“My strategy is to go down with the ship, like a true HODLer!” Schiff wrote on social media platform X. His use of the term “HODL” – a crypto community slang meaning to hold onto coins rather than sell – seems to mock the belief system of Bitcoin supporters.
Beyond Bitcoin, Schiff has also started collecting Solana. He keeps these tokens separate from his Bitcoin reserve in what he calls his “Crypto Stockpile,” which remains in his exchange wallet.
Critic and Collector: Schiff’s Crypto Paradox
This dual approach shows how Schiff views these assets differently. He appears to see Bitcoin as something for a long-term reserve, while treating Solana as something else entirely.
Despite creating his own reserve, Schiff continues to criticize the Trump administration’s plans for a U.S. Strategic Bitcoin Reserve. He has argued that governments should focus on strengthening existing reserves in gold or petroleum instead.
The crypto industry is using the Strategic Bitcoin Reserve to scam more Americans into buying crypto. Thanks to Trump, more Americans will lose more money in crypto than in any prior speculative mania in history. The $TRUMP meme coin, already down over 80%, is a perfect example.
— Peter Schiff (@PeterSchiff) March 20, 2025
“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. “The worst thing any government can do is encourage or subsidize this waste of resources.”
Schiff has also spoken out against what he sees as an overly friendly relationship between the crypto industry and the current U.S. administration. He called a recent White House crypto summit a “disgrace” and “national embarrassment.”
The crypto summit is a disgrace. It’s a national embarrassment. The crypto faction that has captured the White House is precisely what our Founding Fathers warned us about. It will be a blight on whatever legacy Trump leaves and marks a low point for the presidency and the U.S.A.
— Peter Schiff (@PeterSchiff) March 7, 2025
His criticisms extend to the Trump family’s cryptocurrency ventures as well. Schiff pointed to the $TRUMP meme coin as an example of harmful speculation, noting it has dropped more than 80% from its peak value.
“Thanks to Trump, more Americans will lose more money in crypto than in any prior speculative mania in history,” he claimed. The $TRUMP meme coin is currently trading at $11.67, down 84.1% from its January all-time high of $73.43.
President Trump recently addressed the Digital Asset Summit conference in New York, where he vowed to make America the “undisputed Bitcoin superpower and crypto capital of the world.” This marked the first time a sitting U.S. president has addressed a crypto industry conference.
Schiff has previously urged the government to sell Bitcoin it has seized rather than hold it. Last December, he suggested that President Biden should liquidate all federally held Bitcoin before leaving office, arguing it would reduce the 2024 budget deficit.
Schiff’s background gives weight to his financial opinions. He was one of the few commentators to correctly predict the 2008 economic crash and is a founding member at Euro Pacific Asset Management.
His approach to cryptocurrency appears to mix skepticism with pragmatism. While he continues to criticize Bitcoin publicly, his creation of a personal reserve suggests he may see some value in holding the asset.
For now, Schiff’s Bitcoin reserve remains modest compared to his strong opinions. But his willingness to accept and hold cryptocurrency marks an interesting development from someone who has spent years as one of the industry’s loudest critics.
