Peter Schiff, a long-time cryptocurrency skeptic, has launched a scathing attack on the TRUMP and MELANIA memecoins, labeling them as instruments of bribery rather than legitimate digital assets. Speaking on a recent podcast, Schiff alleged that the primary purpose of these tokens is not to generate market value but to capture the attention and political favor of U.S. President Donald Trump.
Schiff pointed to a White House event hosted by Trump exclusively for large holders of the TRUMP memecoin as clear evidence of this dynamic. He argued that such a gathering demonstrated how the token effectively serves as an indirect bribe, allowing wealthy investors to gain influence. "The real beneficiaries of this process were the Trump family," Schiff stated, claiming that revenue from token sales enriched Trump’s inner circle while ordinary investors bore significant financial losses.
These criticisms are reinforced by previous financial disclosures indicating that Trump earned over $1 billion from the sale of crypto assets, including the TRUMP token and World Liberty Financial (WLFI). The staggering profit figure has intensified debates over the ethical and political implications of Trump-linked crypto projects. While the Trump family profited handsomely, a large portion of retail investors who entered during hype cycles reportedly suffered substantial losses.
Schiff’s remarks underscore ongoing concerns about the speculative nature of memecoins and the risks associated with celebrity- or politician-endorsed tokens. Experts warn that beyond price volatility, investors should scrutinize tokenomics, project structure, and potential conflicts of interest when considering such assets.
