Famous stockbroker and financial commentator Peter Schiff criticizes the Council on Advisors on Digital Assets, claiming that its true agenda is to artificially inflate Bitcoin prices to make a profit. More precisely, he said the council should be abolished. His remarks were particularly sparked by a White House statement that had the idea of selling gold reserves to buy Bitcoin.
Schiff didn’t stop there, claiming that the 2025 Bitcoin Act, proposed by Sen. Cynthia Ramis, to establish a strategic Bitcoin Reserve, lacked support from Republican co-sponsors and a small minority of Democrats and non-dead bipartisan support.
What is needed for the proposed Bitcoin Act?
Under the proposed law, the US government will expand by acquiring 1 million bitcoins and 200,000 BTC per year over five years. This will be funded using funds available from both the Federal Reserve and the Treasury Department. If established, this one million bitcoin represents 5% of the total BTC supply.
Boheins, executive director of the President’s Advisory Council on Digital Assets, noted that there is a sale of gold reserves on the table to fund the purchase of Bitcoin. Hines discussed this in a March 2025 interview with the “Crypto in America” podcast.
It was this very statement from Beau Hines that prompted Peter Schiff’s sharp response. In addition to what he said, he added that even if he sells money to buy Bitcoin and is “on the table,” it will stay there indefinitely.
Sif and Bitcoin
It is worth noting that Peter Schiff is not a fully sold person on Bitcoin, as he has often criticised the cryptocurrency and the crypto industry in general of the past. He is a supporter of gold as a store of the value and advantage of tangible assets over digital assets.
For many years, Sif has predicted that Bitcoin is a bubble that is doomed to crash. His suspicion is that unlike gold, cryptocurrencies should not protect them from inflation. He frequently advises investors to avoid them.
Naturally, given his strong anti-Bitcoin stance, Sif is not a particularly popular figure in the crypto community. It doesn’t help that his previous Bitcoin predictions were far apart, but his honest views often contribute to diverse discussions in the crypto community.
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