Popular Bitcoin critic and gold advocate Peter Schiff raised serious concerns on the X-Post Wednesday about the new Bitcoin acquisition bill issued by Sen. Cynthia Ramis.
While Peter Schiff still holds firmly in his belief that Bitcoin poses a major risk to the global economy, Bitcoin critics have expressed strong complaints about the Fed-back-backed Bitcoin program.
Americans are at risk, Schiff says
The bill, which has received prominent support, proposes that the US government expand its Bitcoin holdings in hundreds of millions of dollars from the Federal Reserve.
The move places the price of major cryptocurrency for the upside, but Peter Schiff believes the bill was issued solely to benefit people who already own Bitcoin at the disadvantage of the masses.
His analysis shows that the bill only poses more threats to the US economy as it exacerbates the already persistent inflation that has plagued the economy.
The @cynthiamlummis bill, which proposes that the Federal Reserve generates hundreds of billions of dollars from a thin air, exacerbate the existing inflation problem significantly, and purchases 1 million bitcoin using newly created money, is to enrich those already rich…
– Peter Schiff (@PeterSchiff) May 28, 2025
Peter Schiff said the bill was a selfish attempt to enrich the pockets of a few at the expense of the majority of Americans who are forced to buy cryptocurrency.
It’s not certain whether Peter Schiff made these claims out of true concern for Americans, but many believe it is one of his regular opposition to large-scale attempts to buy Bitcoin.
Peter Schiff is known for his disbelief in the long-term value of Bitcoin. Bitcoin critics have always preached that Bitcoin has no intrinsic value needed to drive institutional growth, let alone the economy.
The bill is still in its early stages and has not yet been handed over to the law, but Peter Schiff believes it is very unlikely that the bill will become law.
However, if the opposite turned out to be true, Peter Schiff warned that members of Congress, who began a Bitcoin buying plan, deserved reelection.