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Peter Schiff Slams Trump’s Crypto Bills, Calls Bitcoin a “Ponzi Scheme”
Renowned gold advocate and long-time crypto critic Peter Schiff has taken aim at the U.S. government’s latest pro-crypto move, labeling it a “legislative low point” that will only serve to weaken the dollar and further propel the already overvalued Bitcoin as a “decentralized Ponzi scheme.”
Schiff’s harsh criticism comes as the crypto market reacts with skepticism to the passing of the GENIUS Act, CLARITY Act, and anti-CBDC bill. Despite the enthusiasm from some in the industry, including Ripple CEO Brad Garlinghouse, who hailed the developments as a “historic” win for digital assets, Schiff remains unconvinced.
The main purpose of these bills is to cloak Bitcoin – nothing more than a decentralized Ponzi scheme – in the trappings of legitimacy, he argued. The industry is using them to hype up Bitcoin and other cryptos so insiders can cash out at higher prices.
It’s a legislative low point,” Schiff tweeted, warning that the bills will likely trigger a pullback in the crypto market instead of sparking sustained growth.
Schiff’s warning proved prescient as crypto prices dipped in response to the news. Bitcoin (BTC) fell 2%, with top altcoins such as Ethereum (ETH), Ripple (XRP), Binance Coin (BNB), and Solana (SOL) also experiencing losses after recent gains.
The gold advocate believes that this legislation is more about hype than substance, fueling short-term gains at the expense of long-term stability. He reiterated his stance that stablecoins will not be able to save the weakening U.S. dollar, warning that their supposed strength will fade as the dollar continues to decline.
Schiff further expressed concern over Trump’s push for an executive order allowing 401(k) retirement investments in Bitcoin and crypto. This move, he claims, could accelerate the dollar’s decline and ultimately crash Bitcoin prices as well.
“Bitcoiners may cheer, but most bought Bitcoin to profit from a dollar crash,” Schiff said. “But ironically, gold will be the true winner – Bitcoin will crash too.”
As debate rages over the implications of these pro-crypto bills, one thing is certain: Schiff’s opposition has sparked widespread controversy in the crypto community.
Source: coinpedia.org
