18 hours Ago By Adrian Volenik
Economist and gold advocate Peter Schiff is back with sharp criticism of both Bitcoin and President Donald Trump's latest economic policies. On Monday, Schiff said the newly formed Strategic Bitcoin Reserve has already lost more than 12% of its value since it was created on March 6. He argued that if the government had opted to invest in gold instead, the reserve would be showing a 2% gain.
Bitcoin Loss, Gold Gain A month ago on Mar. 6th, Trump established the Strategic Bitcoin Reserve. So far, the value of the Bitcoin held in that reserve has declined by over 12%.
Had the U.S. sold it and added to our gold reserve, not only would we have avoided that loss, but we would now have a 2% gain.
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Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — this is your last chance to become an investor for $0.80 per share. "A month ago on Mar.
6th, Trump established the Strategic Bitcoin Reserve," Schiff posted on X. "So far, the value of the Bitcoin held in that reserve has declined by over 12%. Had the U.
S. sold it and added to our gold reserve, not only would we have avoided that loss, but we would now have a 2% gain." When a user pushed back, asking about the trillions lost when the U.
S. sold Bitcoin years ago, Schiff replied, “That’s irrelevant, as we didn’t have a Strategic Bitcoin Reserve years ago. We can only count how much money the government gains or loses going forward of the reserve.
” Last month, Schiff warned that the Strategic Bitcoin Reserve is being used to lure in unsuspecting investors. “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.
” He mentioned the $TRUMP meme coin as a “perfect example,” saying it was already down over 80%. Trending: Hasbro, MGM, and Skechers trust this AI marketing firm — invest pre-IPO from $0.55 per share now .
Tariffs ‘Dumber’ Than Bitcoin Reserve Schiff didn't stop with Bitcoin. He also took aim at Trump's new round of tariffs, calling them an even worse idea . “Tariffs are worse.
Doing nothing would be less harmful than what Trump is doing,” Schiff said . He argued that the crypto market has been trending downward when measured in gold and warned that Ethereum could fall below $1,000, a level it last saw in June 2022. At the time of writing, the price is $1,463.
Despite pushback from crypto traders highlighting the technology and ecosystem growth, Schiff stuck to his stance: over the past three-and-a-half years, Bitcoin has lost more than 30% of its value in gold terms. Why Nike Won't Bring Jobs Back Schiff also weighed in on how Trump's tariffs could affect major American brands. In a post last week, he said Nike won't be shifting manufacturing back to the U.
S. despite steep new tariffs. Nike won't build factories in the U.
S. to make sneakers. That would add more cost than the 40% tariffs.
Plus, they need to stay competitive selling to customers in other countries that don't impose tariffs. The result will be fewer sneakers sold in the U.S.
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"Nike won’t build factories in the U.S. to make sneakers.
That would add more cost than the 40% tariffs," he wrote . “They will eventually sell more sneakers to consumers in other countries instead, as they buy what Americans can no longer afford.” Nike's stock dropped over 17% after Trump announced the new tariffs.
Countries like Vietnam and Indonesia—where Nike makes a large portion of its products—were hit with tariff increases of up to 46%. Schiff says that higher costs and shrinking U.S.
sales will force companies like Nike to look elsewhere for growth. "The result will be fewer sneakers sold in the U.S.
at much higher prices," he warned. As markets continue to react to the administration's policies, Schiff has positioned himself as a loud critic, arguing that both the Bitcoin reserve and tariff strategy are costly missteps. Read Next: With Shares Starting at Just $1.
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