Peter Schiff Slams “Bitcoin Pump” Council & Scoffs at Gold for Bitcoin Idea

• Peter Schiff accuses the Council of Advisors on Digital Assets of trying to pump Bitcoin prices
• Schiff’s criticism follows a White House mention of potentially selling gold to buy Bitcoin
• The proposed Bitcoin Act of 2025 aims to have the US government acquire 1 million Bitcoin over five years

Peter Schiff, the well-known stockbroker and financial commentator, criticized the Council of Advisors on Digital Assets, claiming its true agenda is to artificially inflate Bitcoin prices for insiders to profit. More precisely, he said that the Council should be abolished. His remarks were specifically triggered by the White House statement that floated the idea of selling gold reserves to purchase Bitcoin.

Schiff didn’t stop there, arguing that the Bitcoin Act of 2025, proposed by Senator Cynthia Lummis to establish a Strategic Bitcoin Reserve, lacks bipartisan support with only a few Republican co-sponsors and no Democrats, making its passing unlikely.

What Exactly Does the Proposed Bitcoin Act Entail?

The proposed legislation sees the US government acquire 1 million Bitcoin, spread out by acquiring 200,000 BTC annually over five years. This would be financed us…

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