Peter Schiff Bitcoin criticism is back in the spotlight after U.S. Vice President J.D. Vance made strong pro-crypto remarks during a speech in Las Vegas. Vance praised Bitcoin ownership among Americans, stating that 50 million citizens currently hold BTC — and that the Trump administration aims to double that number to 100 million.
The crypto community welcomed the comments, especially Vance’s promise to fire regulators like Gary Gensler, the former SEC chair, who was widely criticized for a strict approach to crypto.
But economist Peter Schiff, known for his pro-gold stance and vocal Bitcoin skepticism, pushed back with sharp criticism.
Peter Schiff Slams Vance and Trump’s Crypto Agenda
In a series of public comments, Peter Schiff argued that Bitcoin has not created real wealth. Instead, it has shifted money from early buyers to later investors in what he described as a cycle of poor capital allocation and wasted resources.
“Bitcoin hasn’t created wealth. It has only moved money,” Schiff said. “The government should focus on lowering inflation instead of pushing Americans into a risky hedge.”
Schiff urged the Trump administration to prioritize economic policy reforms that reduce inflation, rather than promoting Bitcoin as a hedge against bad policy.
Schiff: Gold and Silver, Not Bitcoin, Are Real Safe Havens
The Peter Schiff Bitcoin criticism emphasized that gold and silver — not cryptocurrencies — are the reliable long-term stores of value. Schiff believes Americans deserve protection from inflation, but sees the crypto push as misguided and dangerous.
“It would be far better if Trump and Vance pursued sound economic policy,” Schiff wrote. “Encouraging citizens to buy the wrong asset as a hedge only compounds the problem.”
Political Crypto Divide: Public Support vs Expert Concern
While the Trump administration’s pro-Bitcoin stance may appeal to a growing crypto-friendly electorate, traditional economists like Schiff see it as a populist distraction. The debate over whether Bitcoin is a viable long-term hedge — or a speculative trap — continues to divide public opinion and policy circles.
As the 2024 U.S. election cycle heats up, the Bitcoin vs gold narrative may become central to discussions about economic security, inflation, and monetary freedom.
