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Peter Schiff Blasts Crypto Bills, Calls Bitcoin a Ponzi Scheme
Economist and prominent cryptocurrency critic Peter Schiff has taken aim at the recently signed crypto bills in the United States, describing them as nothing more than a ploy to pump up the value of Bitcoin and other digital assets. In his latest scathing critique, Schiff labeled Bitcoin itself as a decentralized Ponzi scheme, warning that such legislation would ultimately undermine the long-term stability of the US dollar.
Schiff’s comments come in response to President Trump signing three key crypto bills into law: the GENIUS Act, CLARITY Act, and anti-CBDC bill. While many in the cryptocurrency community have welcomed these developments as a step forward for the industry, Schiff has been vocal in his opposition.
In his assessment of the situation, Schiff argued that the true intention behind this legislation is to artificially inflate the value of digital assets like Bitcoin, thereby allowing insiders to cash out at higher prices. He posited that lawmakers and other institutional players are fueling speculation and market volatility, ultimately putting long-term investors at risk.
The economist also expressed his disapproval with the notion that cryptocurrency exposure should be introduced into retirement plans, claiming this would accelerate financial instability across households. According to Schiff, Bitcoin lacks intrinsic value and is not an asset worthy of inclusion in traditional pension plans. His stance aligns with his long-standing skepticism towards digital currencies like Bitcoin.
Furthermore, Schiff rejected the idea that USD-pegged stablecoins will enhance global trust in the dollar. He emphasized that such assets are only as reliable as the fiat currency they back, which he believes will inevitably lose both credibility and value due to the dollar’s decline.
Schiff’s warning comes as a significant pullback unfolds in the Bitcoin market. The asset has taken a 2% hit following the signing of these bills into law, marking what many in the industry have characterized as a sell-the-news reaction.
Source: coincentral.com
