Bitcoin News Today: Peter Schiff Dismisses Bitcoin's Role in India-US Trade Tensions Amid Geopolitical Uncertainty

Economist Peter Schiff has voiced skepticism about the role of Bitcoin in the escalating trade tensions between the United States and India, asserting that the cryptocurrency will have no meaningful place in the economic landscape amid the conflict. His remarks follow a U.S. decision to impose a 50% tariff on Indian imports, a move Schiff attributes to India’s ongoing trade with Russia, particularly in oil. He argues that these tariffs are not targeting foreign sellers but are instead being borne by American consumers, who now face higher prices for goods that are difficult to substitute [1].

Schiff emphasized that during periods of economic and geopolitical uncertainty, individuals are more likely to turn to traditional assets such as gold or their local currencies rather than volatile cryptocurrencies like Bitcoin. He stated, “They won’t use Bitcoin. They will use their own currencies or gold. Bitcoin will have no role.” This view aligns with his long-standing criticism of Bitcoin and his advocacy for gold as a more stable and reliable store of value [1].

The economist has frequently challenged the credibility of Bitcoin proponents, including Michael Saylor, chairman of MicroStrategy, whom he claims has built his success on a compelling narrative rather than solid economic foundations. Schiff noted that the media rarely scrutinizes Saylor’s statements, contributing to a public perception of Bitcoin that he views as misleading [1].

Bitcoin’s current price hovers around $115,000, showing a modest recovery following a dip earlier in the week. Market analysts remain divided on its future movement, with some forecasting a potential rise to $122,000, while others warn of a possible decline below $110,000 if downward pressure persists. Despite being seen by some as a safe haven during global crises, many still question its volatility and practicality as a medium of exchange [1].

Schiff’s comments have reignited broader debates between gold and Bitcoin advocates. His consistent stance underscores the ongoing division within the financial community regarding the role of digital assets during times of economic uncertainty. As global markets continue to evolve, such perspectives will likely shape investor sentiment and influence where trust is placed amid shifting geopolitical dynamics [1].

Source: [1] Peter Schiff Says Bitcoin Will Have No Role Amid India-US Tariff Feud - [https://www.cryptotimes.io/2025/08/07/peter-schiff-says-bitcoin-will-have-no-role-amid-india-us-tariff-feud/](https://www.cryptotimes.io/2025/08/07/peter-schiff-says-bitcoin-will-have-no-role-amid-india-us-tariff-feud/)