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Businessman Peter Schiff has made waves with his latest remarks, claiming that Bitcoin is harming the US economy and putting heavy pressure on the dollar. He believes that President Donald Trump is squandering national resources on the flagship cryptocurrency.
Schiff, a long-time proponent of gold investments and a vocal Bitcoin skeptic, recently said that the cryptocurrency’s record highs create only an illusion of value.
In his view, diverting capital from dollars into Bitcoin poses a serious threat to America’s economic foundations. Such moves erode demand for the greenback and undermine its status as the world’s reserve currency. “Selling the US Dollar to buy Bitcoin will actually place greater pressure on the Dollar,” he warned.
Schiff’s comments followed Trump’s praise of Bitcoin for easing pressure on the dollar, creating jobs in the United States, and gaining traction as a payment method. However, Schiff argued that the crypto market’s volatility and the risk of a sudden Bitcoin crash could result in substantial losses to America’s strategic reserves rather than generate profits.
Beyond his disagreement with the president’s stance, Schiff accused Trump of using digital assets as “a gimmick to court donors.” He claimed that the American leader backs Bitcoin in order to win the support of wealthy sponsors who rely on cryptocurrency.
Earlier, Schiff criticized Trump for hosting a gala dinner with top TRUMP memecoin holders, many of whom reportedly spent nearly $150 million to secure a seat at the event.
Notably, the US government does not plan to purchase Bitcoin directly with dollars. According to the executive order establishing a national BTC reserve, holdings are to be accumulated through confiscated cryptocurrency.
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