Economist and long-time Bitcoin critic Peter Schiff has launched a scathing attack on U.S. President Donald Trump, accusing him of manipulating the crypto market with his recent announcement about a U.S. Crypto Strategic Reserve. Schiff, who has been a vocal opponent of digital assets, believes Trump’s move was a deliberate attempt to pump crypto prices before an eventual crash.
Taking to X (formerly Twitter), Schiff labeled Trump as the “first crypto president” and urged Congress to launch an official investigation into whether the administration’s actions amounted to market manipulation.
Trump’s Crypto Reserve Announcement Sparks Market Frenzy
The controversy erupted after Trump’s surprise March 4 announcement, where he revealed that his administration was considering adding five major cryptocurrencies—Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA)—to an official U.S. Crypto Strategic Reserve.
The statement sent crypto markets into a frenzy, with investors piling in following Trump’s endorsement. Within hours:
- Bitcoin surged 10%, hitting a high of $92,905.
- Ethereum jumped 13%, peaking at $2,443.
- Cardano saw the biggest spike, skyrocketing 64% to $1.07.
- XRP climbed 25%, reaching $2.79.
The sudden rally fueled optimism across the digital asset space, with analysts suggesting this could usher in institutional adoption of crypto on a national scale.
Schiff’s Push for a Congressional Investigation
Schiff, however, sees things differently. The gold advocate believes the announcement was nothing more than a calculated pump-and-dump scheme, where Trump used his influence to artificially inflate crypto prices—a move that he warns could eventually lead to a steep market correction.
He is now pushing for a formal Congressional probe into whether Trump’s administration colluded with insiders or large crypto investors to take advantage of the market reaction.
“This is blatant market manipulation,” Schiff posted. “If Congress does nothing, it sets a dangerous precedent for future financial policies.”
Market Uncertainty: What Happens Next?
The allegations from Schiff add further complexity to an already volatile crypto market. While Trump’s crypto-friendly stance has boosted investor confidence, regulatory uncertainty remains a major concern.
With a White House Crypto Summit scheduled for March 7, analysts believe the market will be closely watching for further policy details. Whether Schiff’s call for an investigation gains traction remains to be seen, but for now, Trump’s crypto agenda is dominating market discussions.
