Peter Schiff Changes Stance on Bitcoin, Labels It "Digital Gold" After Trump Crypto Reserve Announcement

In a surprising twist, Peter Schiff, the outspoken economist long recognized for his staunch opposition to Bitcoin, appears to be softening his critique. Schiff recently took to social media to comment on President Trump’s announcement about the U.S. cryptocurrency strategic reserve, a move that could see Bitcoin, Ethereum, Solana, and other digital assets integrated into national financial strategy.

In his post today, Schiff referred to Bitcoin specifically as "digital gold," drawing a parallel to the U.S. gold reserve and signaling a notable pivot from his years of dismissing the crypto as a speculative bubble. This unexpected shift from a prominent skeptic has sparked fresh conversation about Bitcoin’s evolving role in the financial world, particularly as a potential store of value akin to precious metals.

Schiff’s comparison of Bitcoin to gold isn’t a new concept in the crypto community, where advocates have long championed the term "digital gold" to highlight its scarcity and decentralized nature. With a fixed supply of 21 million coins, Bitcoin shares conceptual similarities with gold, a resource that has historically served as a hedge against inflation and economic uncertainty.

Schiff’s acknowledgment of this framing comes at a time when governmental interest in cryptocurrencies is intensifying. Trump’s executive order, signed in early 2025, directs federal agencies to assess the feasibility of a strategic reserve, potentially positioning Bitcoin as a modern counterpart to the nation’s gold stockpile, which has underpinned economic stability for decades. Schiff’s remark, while tempered by his ongoing skepticism, suggests he’s at least entertaining the idea that Bitcoin could occupy a unique niche in this shifting landscape.

A Skeptic’s Reluctant Nod to Bitcoin’s Potential

Despite this apparent concession, Schiff hasn’t fully abandoned his critical lens. In the same breathe, he questioned the logic of including XRP in a strategic reserve, pointing out its primary function as a tool for efficient cross-border payments rather than a long-term store of value. This distinction underscores his nuanced take—while Bitcoin might merit consideration as "digital gold," not all cryptocurrencies fit the same mold.

His reluctance to fully embrace the crypto wave aligns with his established worldview, which prioritizes tangible assets like gold over what he’s previously called "digital delusions." Yet, by invoking the gold reserve precedent, Schiff implicitly recognizes that Bitcoin’s cultural and economic footprint has grown too significant to ignore, especially as policymakers signal openness to integrating it into national strategy.

For Schiff, a figure synonymous with gold-bug traditionalism, to even flirt with the "digital gold" label marks a moment worth noting. It’s not a full-throated endorsement—far from it—but it hints at a pragmatic recalibration, perhaps driven by Bitcoin’s persistent staying power. Whether this signals a deeper change in Schiff’s philosophy or merely a fleeting nod to political reality remains unclear.