Financial commentator Peter Schiff slammed Texas’ move to establish a Bitcoin (CRYPTO: BTC) reserve funded by the state treasury.
What Happened: Schiff took to X on Monday, voicing concerns about the legislative clearance given in the “Lone Star State” to use public funds to buy the apex cryptocurrency.
“Texas buying Bitcoin is yet another example of why the Founding Fathers distrusted democracy,” he said.
Schiff noted that wealthy Bitcoin investors, often known as whales, are buying off lawmakers to push such cryptocurrency-friendly measures and get political backing in exchange, all “at the expense of taxpayers” who fund the purchases.
Schiff’s criticism of Texas’s Bitcoin reserve is not surprising given his public opposition to anything associated with the apex cryptocurrency.
He previously warned that the strategic national Bitcoin reserve is a tool to trick Americans into speculative losses and that any government-backed crypto reserve would ultimately turn counterproductive.
Price Action: At the time of writing, BTC was exchanging hands at $105,102.68, up 3.23% in the last 24 hours, according to data from Benzinga Pro.
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