- Peter Schiff has faulted the recently signed Bitcoin executive order.
- Schiff stated the order does not allow the US government to buy any more Bitcoin.
- The US crypto reserve will comprise BTC, XRP, ADA, and SOL.
Well-known Bitcoin critic Peter Schiff has slammed President Donald Trump’s signing of the executive order that creates a Strategic Bitcoin Reserve.
According to Schiff, the executive order does not permit the US government to buy Bitcoin but only allows it to keep whatever BTC it seizes.
Schiff: Trump’s Bitcoin Order “Bogus”
Schiff called the executive order “bogus” through social media platform X. He alleged that the President signed the new order under pressure from his donors and conflicted cabinet members. Schiff believes the order does not authorize the US government to buy more Bitcoin.
It’s worth pointing out that Schiff said he had not actually read the full text of the latest executive order, however, he stuck with his opinion. He thinks the recent order stops the US government from “buying” anymore Bitcoin since buying means payment.
Related: Donald Trump Makes It Official: Strategic Bitcoin Reserve, Altcoin Stockpile Is Law
Bitcoin Reserve: Seized BTC Only
The US President signed the latest executive order on Thursday in setting up the strategic bitcoin reserve. Incidentally, the signing happened a few days after the President stated a crypto reserve in the US that includes XRP, ADA, and SOL.
Just as Schiff pointed out, the US government will fund the Bitcoin reserve with BTC they already own; the BTC they have from seizures from criminal or civil asset forfeiture laws.
Trump to Meet Crypto Execs at The White House
Trump will meet with cryptocurrency industry executives at the White House on Friday, and crypto community members expect the President to announce his strategic crypto reserve plans during the event. Four cryptocurrencies have made the crypto reserve list as of the time of writing, including Ethereum (ETH), XRP, Cardano (ADA), and Solana (SOL).
Related: US Crypto Czar Examines New Strategic Bitcoin Reserve ‘Potential’
Bitcoin’s price dropped about 6% after Trump signed the latest executive order. However, the price has recovered, with the cryptocurrency trading for $88,831 a few hours before the President meets with the crypto stakeholders.
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Source: https://coinedition.com/bitcoin-critic-peter-schiff-calls-trumps-strategic-bitcoin-reserve-bogus-questions-real-impact/