US President Trump officially signed an executive order last week, announcing the establishment of a US Bit strategy reserve and digital asset reserve. However, in this plan, the Trump administration did not, as the market had previously expected, plan to use public funds to buy Bit, but rather to use the Bit confiscated by the US as a strategic reserve.

Although he has asked the Secretary of the Treasury and the Secretary of Commerce to develop a budget-neutral strategy to acquire additional Bit without increasing the cost to US taxpayers, more time is expected to be needed to plan.

The Bit villain establishes a personal Bit reserve

Against this background, Peter Schiff, the founder of the precious metals trader SchiffGold, who has long been critical of Bit, posted on X over the weekend announcing that he would emulate the US government and create his own personal Bit strategic reserve without increasing costs, and released a wallet address inviting the community to contribute to his reserve plan:

I have decided to create my own Bit strategic reserve, just like the US government. I am developing a budget-neutral strategy to acquire Bit without increasing costs.

The first step in my strategy is to invite people to contribute to my reserve: 3CfJ9FqLPEWHnqf9PD5EWXTby8qYQ66BRX.

Originally, Peter Schiff's mocking approach did not receive community support, and in a later tweet on March 8, he said that the Bit reserve he had established with a budget-neutral strategy was still zero, because no one had donated Bit to him. Some people even just sent SOL to his Solana wallet address to support his establishment of a SOL strategic reserve.

Surprisingly, on March 9, Peter Schiff revealed in an interaction with the community that his wallet had actually received Bit worth $4,200 (about 0.05 BTC at the time) within a day.

Bit reserve is a bad idea

A closer look at Peter Schiff's tweets shows that his "performance art" is actually mocking Bit and the Bit reserve established by the US government. He is actually not optimistic about Bit or the US establishing a Bit reserve, believing that it will fail like a sinking ship:

The strategic reserve Bit I have acquired through a budget-neutral strategy without any additional cost, I will absolutely not sell. It will demonstrate why a Bit reserve is a bad idea.

I'm going to sink with the ship so that others can't board it.