Peter Schiff Doubts Trump’s Crypto Plans, Labels Bitcoin a Ponzi Scheme

Economist Peter Schiff has once again sparked controversy by criticizing ￰0￱ Donald Trump’s recent endorsement of digital ￰1￱ renowned gold bug alleged that the administration is prioritizing speculative schemes over genuine economic ￰2￱ Slams Trump’s “Crypto Capital” Vision Schiff’s remarks came after Trump reiterated his “100% support” for the digital asset industry in a recent interview, vowing to make the United States the world’s “Crypto Capital.” The president stressed that his top priority is to keep the ￰3￱ in crypto ahead of China. However, the Bitcoin critic mocked the idea that leading in this sector is a sign of economic strength, suggesting instead that it shows poor policy priorities.

“China wants to be number one in real industries,” he wrote on X. “America’s number one in Ponzi schemes, not progress.” It isn’t the first time Schiff has criticized the Trump administration’s growing embrace of Bitcoin and its push to integrate digital assets into mainstream government ￰4￱ this year, he warned that allowing the flagship cryptocurrency in retirement plans could hasten the decline of the ￰5￱ has also criticized corporate accumulation of Bitcoin, calling it “a Ponzi built on a pyramid” fueled by speculative ￰6￱ recently, he challenged Strategy chairman Michael Saylor to a public debate on whether Bitcoin represents the future of money or a financial illusion ready to ￰7￱ Advocate Mocks Bitcoin’s Price Drop At the time of writing, Bitcoin was trading at around $104,000, down by more than 8% in the last seven days and over 17% below its October all-time ￰8￱ typical fashion, Schiff seized on the dip to taunt supporters of the cryptocurrency, saying, “Bitcoiners are in ￰9￱ up and smell the tulips.” Members of the BTC community on X quickly fired back, with one arguing that the crypto skeptic was the one in denial and that both Bitcoin and gold can coexist as valuable investment ￰10￱ simply reminded him of how many times his predictions had proven to be ￰11￱ to data gathered by the Grok AI platform, Schiff has made at least 237 bearish Bitcoin predictions since 2011, each forecasting its crash, collapse, or ultimate ￰12￱ that time, the asset’s price has shot up by at least 1,000,000%, turning the 62-year-old’s warnings into a series of poorly timed pessimism.

However, the low success rate of his predictions has not stopped Schiff’s relentless attack on the OG ￰13￱ recently maintained that Bitcoin remains in a bear ￰14￱ has also repeatedly questioned its reputation as “digital gold,” insisting it has failed to match the precious metal’s enduring value.