Economist and gold advocate Peter Schiff has ignited controversy by attacking Bitcoin as a Ponzi scheme and casting doubt on former U.S. President Donald Trump's vision for the digital asset industry. Schiff alleged that the administration is prioritizing "speculative schemes" over genuine economic innovation, following Trump's recent interview where he reiterated his "100% support" for crypto and vowed to make the United States the "Crypto Capital" of the world to stay ahead of China.
Schiff mocked this goal on X (formerly Twitter), writing, "China wants to be number one in real industries. The United States is number one in Ponzi schemes, not in progress." This criticism comes amid a market correction, with Bitcoin trading around $104,000 at the time of reporting, down more than 8% over the past week and over 17% below its all-time high reached in October.
Seizing on the price drop, Schiff taunted Bitcoin supporters, stating, "Bitcoiners are in denial. Wake up and smell the tulips," a reference to historical market bubbles. The BTC community on X quickly responded, arguing that Bitcoin and gold can coexist as valuable investments and highlighting Schiff's track record of inaccurate predictions.
According to collected data, Schiff has made at least 237 bearish predictions about Bitcoin since 2011, a period during which the asset's price surged by over 1,000,000%. Despite this, he continues to question Bitcoin's reputation as "digital gold" and insists it remains in a bear market, reinforcing his long-standing skepticism.
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