Peter Schiff Backs Bitcoin and Criticizes President Donald Trump's Latest Economic Policies

Peter Schiff is back with sharp criticism of both Bitcoin and President Donald Trump's latest economic policies.

Peter Schiff, a known critic of Bitcoin and a keen observer of the markets, took to X, formerly Twitter, to highlight what he sees as a critical flaw in President Donald Trump's latest economic policies.

Schiff, who is the president of investment firm Schiff Financial and a triple threat as an economist, author and host of the popular podcast "Peter Schiff's Real Estate Roundtable," focused his comments on the recently announced Strategic Bitcoin Reserve.

The reserve, which was created on March 6, has already lost more than 12% of its value, according to Schiff.

However, if the government had opted to invest in gold instead, the reserve would be showcasing a 2% gain, he added.

"The value of the Bitcoin they bought for that reserve has now declined by over 12% since the reserve was created on 3/6. But the U.S. gold reserve is now up about 2% over the same period," Schiff wrote, sharing a news article about the Bitcoin reserve.

"If the administration is capable of concentrating on anything for six months straight, they would have been able to sell the Bitcoin and add to our gold reserve. But they couldn't even manage to keep the Bitcoin out of the news for more than a few days."

The crypto industry is using the Strategic Bitcoin Reserve to scam more Americans into buying crypto. Thanks to Trump, more Americans will lose more money in crypto than in any prior speculative mania in history. Here’s an example of a Trump meme coin:It’s already down 80%.

The crypto industry is using the Strategic Bitcoin Reserve to scam more Americans into buying crypto. Thanks to Trump, more Americans will lose more money in crypto than in any prior speculative mania in history.

An example of a Trump meme coin:It’s already lost 80%.

The investment banker went on to comment on Trump's latest round of tariffs, which he described as an "even worse idea."

"Tariffs are worse. Doing nothing would be less harmful than what Trump is doing," said Schiff, who is also a bestselling author of several books, including "The Biggest Payoff in Real Estate" and "How to Survive the Collapse of the American Empire: And Enjoy It."

Earlier this year, Schiff engaged in a heated debate with crypto bull and Ark Invest CEO Cathie Wood on the future of BTC and the role of fiat currency in the context of a potential collapse of the U.S. dollar.

The discussion unfolded during an episode of "The Invest Show," where the two investment experts clashed over their divergent views on cryptocurrencies and the broader economic landscape.

Their conversation was sparked by a question from the show's host, Benzinga's own CC Harrison, who inquired about the possibility of Bitcoin reaching $500,000 in the next bull market.

While Wood expressed skepticism, suggesting that such a price point might be attainable only in the "last cycle of Bitcoin," which she personally wouldn't invest in, Schiff interjected with his own pessimistic outlook.

"I don't think Bitcoin is going to zero because I don't think they're going to stop making new coins. But I think it's going to a fraction of where it is today," chipped in Schiff, known for his bearish views on cryptocurrencies and a pessimist in the broader market outlook.

"It’s going to go bankrupt. It’s a Ponzi scheme. People who got in early are going to get out. People who got in late are going to get wiped out."

News data source: kdj.com

The above is the detailed content of Peter Schiff Backs Bitcoin and Criticizes President Donald Trump's Latest Economic Policies. For more information, please follow other related articles on the PHP Chinese website!