TL;DR
- Schiff asserts that the U.S. is “number one in Ponzi schemes,” not in real progress like China.
- Trump reiterated his “100% support” for the industry to keep the U.S. ahead of China.
- The economist mocks Bitcoin’s drop, which is trading at $104,000 after falling 8% during the week.
Economist and gold advocate, Peter Schiff, is generating new controversy by attacking U.S. President Donald Trump’s recent endorsement of digital assets. Schiff alleged that the administration is prioritizing “speculative schemes” over genuine economic innovation.
The controversy arose after Trump reiterated his “100% support” for the digital asset industry in a recent interview, promising to make the United States the “Crypto Capital” of the world. The president emphasized that his top priority is to keep the U.S. ahead of China in this sector.
However, the Bitcoin critic mocked the idea that leading in this area is a sign of economic strength. “China wants to be number one in real industries,” he wrote on X (formerly Twitter). “The United States is number one in Ponzi schemes, not in progress.”
This is not the first time Schiff has criticized Trump’s crypto support or the integration of digital assets into government policy. Earlier this year, he warned that allowing the flagship cryptocurrency in retirement plans could accelerate the U.S. dollar’s decline.
Schiff Mocks the Market Drop
The “gold bug’s” comments coincide with a market correction. At the time of this writing, Bitcoin was trading around $104,000, posting a drop of more than 8% in the last seven days and sitting more than 17% below its all-time high reached in October.
True to his style, Schiff took advantage of the drop to mock cryptocurrency supporters: “Bitcoiners are in denial. Wake up and smell the tulips.”
The BTC community on X responded quickly, with users arguing that both Bitcoin and gold can coexist as valuable investment options. Others simply reminded him of the times his predictions have turned out wrong.
According to collected data, Schiff has made at least 237 bearish predictions about Bitcoin since 2011. During that time, the asset’s price has increased at least 1,000,000%.
Despite the low success of his forecasts, Schiff criticizes Trump’s crypto support and the nature of Bitcoin, insisting that it is still in a bear market and questioning its reputation as “digital gold.”
