Well-known economist Peter Schiff said on Wednesday that the government’s decision to create a Bitcoin (CRYPTO: BTC) strategic reserve would end up damaging the U.S. dollar while benefiting gold.
What happened: Schiff took to X to express his dissatisfaction with President Donald Trump’s recently announced strategic cryptocurrency reserve, which will have a special status for Bitcoin.
Schiff argued that if Bitcoin is viewed as a hedge against fiat currency debasement, the Bitcoin strategic reserve will only “accelerate” the dollar’s downfall.
The staunch Bitcoin critic said the “foolish” move could benefit Bitcoin in the short run, but the “ultimate winner” will be gold, arguably considered the best hedge against currencies’ depreciation value.
