Peter Schiff Slams Fed-Backed Bitcoin Bill Backed by Senator Lummis

Gold advocate and longtime Bitcoin critic Peter Schiff has voiced strong opposition to a new Bitcoin acquisition bill introduced by U.S. Senator Cynthia Lummis. In a recent post on X, Schiff warned that the proposed legislation—backed by notable lawmakers—could severely harm the U.S. economy and further escalate inflation.

The bill aims to allow the U.S. government to acquire large amounts of Bitcoin using funds from the Federal Reserve, potentially totaling hundreds of billions of dollars. While proponents see it as a bullish move for Bitcoin’s price, Schiff claims the plan is designed to enrich early adopters and Bitcoin holders at the expense of average Americans.

Schiff, known for his belief in gold’s intrinsic value and skepticism toward cryptocurrencies, argued that the bill is reckless and inflationary. According to him, such a move would place ordinary citizens at financial risk, forcing them to buy into a volatile asset while exacerbating the country’s economic instability.

He accused the bill’s supporters of prioritizing personal gains over national interest, warning that if passed, none of the lawmakers involved deserve re-election. Schiff also questioned the bill’s likelihood of becoming law, suggesting it may ultimately fail due to its controversial nature.

This isn’t the first time Schiff has criticized large-scale Bitcoin adoption. He has consistently argued that Bitcoin lacks intrinsic value and is unfit as a foundation for institutional or governmental use.

While the bill remains in its early stages, the controversy has reignited debates around crypto’s role in the U.S. economy. Whether it moves forward or not, Schiff’s latest comments highlight the deep divide between traditional financial voices and the growing crypto movement.