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Peter Schiff Blasts Crypto Bills, Calls Bitcoin a Ponzi Scheme
Renowned economist and crypto skeptic Peter Schiff has unleashed a scathing attack against newly signed crypto bills in the United States. According to Schiff, these legislative efforts aim to pump up cryptocurrency prices and allow insiders to cash out at higher valuations. In his most recent statement, he boldly declared that Bitcoin is nothing more than a decentralized Ponzi scheme.
Schiff’s criticism comes amidst the signing of three crypto-focused laws: the GENIUS Act, CLARITY Act, and anti-CBDC bill. The economist argues that these new measures serve no purpose other than to grant legitimacy to an inherently flawed system like Bitcoin. He insists that such actions would undermine the long-term stability of the U.S. dollar.
The sharp decline in Bitcoin’s price following the signing of the bills lends credence to Schiff’s hypothesis about market manipulation and speculative hype fueled by lawmakers. As prices dipped 2% on the day the legislation was signed, Schiff concluded that this drop signifies a “sell-the-news” reaction rather than sustainable strength. He warns that encouraging exposure to Bitcoin through retirement plans could accelerate financial instability across households.
Schiff remains skeptical of cryptocurrencies, including Ethereum (ETH), and emphasizes his stance that digital assets lack intrinsic value. The U.S. government’s efforts to regulate the industry have been met with mixed reactions from stakeholders. While proponents believe these bills will foster innovation in decentralized finance and support transparency, opponents argue that they are designed to prop up the market.
As Schiff maintains his long-held anti-crypto stance, he cautions investors against Bitcoin’s volatility and encourages a more cautious approach when engaging with digital currencies.
Source: coincentral.com
