Popular Bitcoin critic and gold advocate Peter Schiff, in an X post on Wednesday, has raised serious concerns about the new Bitcoin acquisition bill issued by Senator Cynthia Lummis.
While Peter Schiff still holds firm in his belief that Bitcoin poses major risks to the global economy, the Bitcoin critic has expressed strong displeasure about the Fed-backed Bitcoin plan.
Americans are at risk, says Schiff
The bill, which has received notable backing, proposes that the U.S. government expand its Bitcoin holdings with hundreds of billions of dollars from the Federal Reserve.
While the move positions the price of the leading cryptocurrency for more ascent, Peter Schiff believes that the bill has only been issued to solely benefit people who already own Bitcoin at the detriment of the masses.
According to his analysis, the bill will only pose more threat to the U.S. economy as it will worsen the already persisting inflation that has forced the economy into distress.
The @CynthiaMLummis Bill, which proposes that the Federal Reserve create hundreds of billions of dollars out of thin air, substantially worsening the existing inflation problem, then use the newly created money to buy one million Bitcoin, solely to enrich the people who already…
— Peter Schiff (@PeterSchiff) May 28, 2025
Peter Schiff mentioned that the bill is a selfish attempt to enrich the pockets of a few at the expense of the majority of Americans who will be forced to buy the cryptocurrency.
While it is not certain if Peter Schiff has made these claims out of genuine concern for Americans, many believe that it is one of his regular oppositions to major Bitcoin buy attempts.
Peter Schiff is known for his disbelief in Bitcoin’s long-term value. The Bitcoin critic has always preached that Bitcoin lacks the intrinsic value it needs to fuel the growth of an institution, not to mention an economy.
While the bill is still in its early stage and is yet to be passed into law, Peter Schiff is confident that the bill is highly unlikely to become law.
However, if the reverse becomes the case, Peter Schiff warned that no member of Congress who initiated the Bitcoin buy plan is worthy of re-election.
