NewsletterPeter Schiff Says Donald Trump’s Bitcoin Push Is Hurting The Dollar
Highlights
- Peter Schiff has criticized Donald Trump's Bitcoin ambitions over US dollar concerns.
- The economist says Trump is backing Bitcoin only to promote his family business.
- Trump has previously disclosed plans to turn to lean on stablecoins to maintain the dollar's dominance.
US-based economist Peter Schiff has hit hard at US President Donald Trump for aggressively pursuing a Bitcoin strategy. While Trump is backing Bitcoin in a personal capacity and as president, Schiff theorizes that the US dollar will be the biggest casualty.
Bitcoin Is Harmful To Our Country, Says Peter Schiff
Barely a day after Donald Trump hailed Bitcoin’s impact on the US economy, Peter Schiff has criticized the president’s stance. The economist revealed via an X post that Bitcoin is hurting the US economy by piling significant pressure on the dollar.
Peter Schiff notes that the sale of dollars to buy Bitcoin poses grave dangers to the broader economy, veering from Trump’s position. For the economist, a conversion of USD to Bitcoin will reduce demand for the dollar, potentially affecting its global standing.
Previously, Donald Trump disclosed that Bitcoin is amazing and takes pressure off the dollar, citing jobs and a strong price performance compared to the stock market.
“But selling dollars to buy Bitcoin puts added pressure on the dollar,” said Schiff. “Also wasting resources on Bitcoin is harmful to our country.”
While the federal government has no plans to sell dollars, it intends to fund its Strategic Bitcoin Reserve via criminal and civil forfeiture. However, a raft of states are mirroring the Federal Government to set up their own reserves, empowering them to purchase and hold Bitcoin through capital allocations.
In his personal capacity, Trump Media has raised $2.3B for its Bitcoin treasury operations via a private placement. Peter Schiff may be arguing that the conversion of US dollars raised from stock and convertible notes to Bitcoin is an economic risk.
Promoting The Family Business With Cryptocurrencies
Peter Schiff has also denounced Donald Trump’s affinity for Bitcoin, tagging it as a mere ploy to attract donors. He suggests that Trump is backing the asset to garner the support of wealthy cryptocurrency-based donors.
In May, Donald Trump hosted the top holders of the TRUMP meme coin to a White House dinner, sparking widespread outrage from critics like Peter Schiff. Attendees splurged nearly $150 million to secure their seats at the table with critics accusing Trump of raking in over $1 billion in gains from the family’s crypto business.
Recently, Donald Trump’s World Liberty Financial (WLFI) secured a $100M investment from Aqua 1 to power DeFi expansion. Donald Trump Jr disclosed that neccessity forced the family to embrace the flagship cryptocurrency rather than conveniece, citing debanking by traditional financial institutions.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Expert Projects $30M Volume for Franklin Templeton XRP ETF as Trading Begins Today
- Bitcoin Bounces as Jerome Powell Could Push for Another Fed Rate Cut: Barclays Research
- Dogecoin Set for Big Week as Grayscale DOGE ETF Launches Today
- Why Is The Crypto Market Up Today? Bitcoin, XRP Lead Recovery
- ‘Cardano Didn’t Go Down,’ Charles Hoskinson Pushes Back On Network FUD
- Here’s Why XRP Price Will Hit $3 This Week
- Zcash Price Soars 10% as OKX Eyes ZEC Relisting
- WLFI Price Soars 17%: What’s Fueling the Surge?
- Dogecoin Price Eyes $0.2 Rally Ahead of Grayscale’s NYSE ETF Debut on November 24
- Crypto Market Eyes Major Rebound as Fed Rate Cut Chances Rise to 71%
- Dogecoin Price Finds Support: Can the 21Shares & Grayscale DOGE ETFs Spark a Surge?
