While Trump Bets on Bitcoin, Financial Expert Peter Schiff Calls It a Dangerous Game
The post While Trump Bets on Bitcoin, Economist Peter Schiff Calls It a Dangerous Game appeared on BitcoinEthereumNews.com. Donald Trump’s growing participation in Bitcoin is drawing sharp criticism from financial expert Peter Schiff, who cautions that the embrace of digital assets might weaken the strength of the U.S. dollar. As Trump paints Bitcoin as a financial booster, Schiff sees it as a destabilizing force. The tension flared after Trump praised Bitcoin’s performance and its potential to alleviate pressure on the dollar. However, Schiff argues that converting U.S. currency into BTC weakens demand for the greenback, undermining its role in global markets. He also warned that such a shift diverts resources into what he believes is an unproductive asset. While the government isn’t openly purchasing Bitcoin with dollars, it is acquiring the asset through seizures and forfeitures. Several U.S. states are following that lead, establishing their own BTC reserves funded through capital reallocation– a trend Schiff finds concerning. On the other hand, Trump’s media company has reportedly raised over $2 billion to support its own Bitcoin treasury. Critics suggest this move isn’t just financial but part of a calculated effort to attract wealthy crypto donors. Schiff has accused Trump of leveraging the digital asset space to forge political alliances, citing expensive private dinners with meme coin holders and allegations of significant crypto-linked fundraising. Trump’s team, however, contends that the family’s deeper foray into crypto was prompted by being shut out from traditional financial institutions, not by opportunism. For Schiff, this shift appears more like a gamble– one that could have significant implications for the dollar’s future.
Author: Alexander Stefanov, Reporter at Coindoo. Alex is a seasoned finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech markets, he deeply understands the intricate and ever-evolving world of digital assets. His thought-provoking and informative articles provide readers with…
