Famous financial commentator Peter Schiff has slammed the idea of creating a Bitcoin reserve as "the ultimate taxpayer boondoggle."
Schiff believes that making American taxpayers involuntary holders of the leading cryptocurrency would be worse than the Wall Street bailout that was enacted during the 2008 global financial crisis.
He went as far as arguing that this would confirm the "worst fears" of America's founding fathers.
"Leaving the American public as involuntary bagholders in the Bitcoin pyramid scheme would be a new low in American politics that confirms our Founding Fathers' worst fears," Schiff said.
As reported by U.Today, the U.S. government announced the creation of a strategic Bitcoin reserve in March. However, it will initially include only forfeited coins, which is why the announcement felt anticlimactic for the Bitcoin community.
Earlier, Treasury Secretary Scott Bessent hinted that the U.S. might actually start buying Bitcoin.
Recently, the White House released its 166-page cryptocurrency report that acknowledges the reserve.
That said, Polymarket bettors see only a 21% chance of the U.S. actually holding non-confiscated Bitcoin in its reserves.
As reported by U.Today, Schiff previously opined that the U.S. government would not be buying any coins.
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