Peter Schiff Doubts Trump’s Crypto Plans, Labels Bitcoin a Ponzi Scheme

Economist Peter Schiff has once again sparked controversy by criticizing U.S. President Donald Trump’s recent endorsement of digital assets. The renowned gold bug alleged that the administration is prioritizing speculative schemes over genuine economic innovation. Schiff Slams Trump’s “Crypto Capital” Vision Schiff’s remarks came after Trump reiterated his “100% support” for the digital asset industry in a recent interview, vowing to make the United States the world’s “Crypto Capital.” The president stressed that his top priority is to keep the U.S. first in crypto ahead of China. However, the Bitcoin critic mocked the idea that leading in this sector is a sign of economic strength, suggesting instead that it shows poor policy priorities. “China wants to be number one in real industries,” he wrote on X. “America’s number one in Ponzi schemes, not progress.” It isn’t the first time Schiff has criticized the Trump administration’s growing embrace of Bitcoin and its push to integrate digital assets into mainstream government policy. Earlier this year, he warned that allowing the flagship cryptocurrency in retirement plans could hasten the decline of the U.S. dollar. He has also criticized corporate accumulation of Bitcoin, calling it “a Ponzi built on a pyramid” fueled by speculative hype. Most recently, he challenged Strategy chairman Michael Saylor to a public debate on whether Bitcoin represents the future of money or a financial illusion ready to collapse. Gold Advocate Mocks Bitcoin’s Price Drop At the time of writing, Bitcoin was trading at around $104,000, down by more than 8% in the last seven days and over 17% below its October all-time high. In typical fashion, Schiff seized on the dip to taunt supporters of the cryptocurrency, saying, “Bitcoiners are in denial. Wake up and smell the tulips.” Members of the BTC community on X quickly fired back, with one arguing that the crypto skeptic was the one in denial and that both Bitcoin and gold can coexist as valuable investment options. Others simply reminded him of how many times his predictions had proven to be wrong. According to data gathered by the Grok AI platform, Schiff has made at least 237 bearish Bitcoin predictions since 2011, each forecasting its crash, collapse, or ultimate worthlessness. In that time, the asset’s price has shot up by at least 1,000,000%, turning the 62-year-old’s warnings into a series of poorly timed pessimism. However, the low success rate of his predictions has not stopped Schiff’s relentless attack on the OG crypto. He recently maintained that Bitcoin remains in a bear market. He has also repeatedly questioned its reputation as “digital gold,” insisting it has failed to match the precious metal’s enduring value. The post Peter Schiff Doubts Trump’s Crypto Plans, Labels Bitcoin a Ponzi Scheme appeared first on CryptoPotato.