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Peter Schiff has once again sparked controversy in the crypto community by blasting newly signed crypto bills and labeling Bitcoin as a decentralized Ponzi scheme. The outspoken economist expressed his skepticism towards the new legislation, claiming it is designed to inflate digital asset prices so that insiders can exit their positions at higher valuations.
Schiff argues that these bills aim to legitimize Bitcoin, which he believes lacks intrinsic value and is instead a ponzi scheme. He warns that such actions will ultimately undermine the long-term stability of the US dollar.
In an astonishing turn of events, Bitcoin’s price plummeted 2% following the bill signings, halting its strong rally earlier in the week. Schiff attributes this downturn to speculative hype fueled by lawmakers and claims that these moves weaken trust in monetary policy.
The outspoken critic also warns that promoting Bitcoin through retirement plans will only accelerate financial instability across households. He reiterates that Bitcoin lacks intrinsic value and is a decentralized Ponzi scheme, further emphasizing his stance on the matter.
Schiff’s comments follow the signing of three crypto-focused bills by US President Donald Trump into law, sparking both praise and criticism from the blockchain community. While some have welcomed the move as a step towards greater regulatory clarity for digital assets, others see it as an attempt to manipulate market prices.
As the debate around these newly signed crypto bills continues, Peter Schiff’s controversial views on Bitcoin’s nature have become a point of contention among experts in the industry.
Source: coincentral.com
