Bitcoin News Today: Peter Schiff Slams Trump Crypto Bills as Bitcoin Ponzi Scheme

Peter Schiff, a prominent gold advocate and long-time critic of Bitcoin, has launched a scathing attack on the recent crypto bills signed into law by the Trump administration. Schiff describes these legislative efforts, including the GENIUS Act, CLARITY Act, and anti-CBDC laws, as a "legislative low point" designed to artificially legitimize Bitcoin, which he refers to as a "decentralized Ponzi scheme." He argues that the primary goal of these bills is to inflate hype around Bitcoin and other digital assets, allowing insiders to cash out at higher prices.

Schiff's criticism extends to the promotion of Bitcoin by the Trump administration, particularly the proposed executive order to facilitate 401K retirement investments in Bitcoin and crypto. He argues that such promotion would only accelerate the collapse of the US dollar. Schiff predicts that while Bitcoin enthusiasts may cheer the potential for profit from a dollar crash, gold will ultimately be the winner as Bitcoin itself will also crash.

The passing of these landmark bills has been met with mixed reactions. While some lawmakers and members of the crypto community celebrate it as a significant moment for the digital assets industry, Schiff's perspective offers a stark contrast. He dismisses the notion that these bills will cement the dollar's global dominance, arguing that USD-pegged stablecoins are only as reliable as the dollar itself, which he believes is in decline. Schiff's long-standing criticism of Bitcoin and his advocacy for gold as the true store of value add weight to his arguments against the recent legislative actions.

Schiff's views on stablecoins are particularly noteworthy. He contends that the stability of these assets is directly tied to the strength of the US dollar, which he believes is eroding over time. This perspective challenges the narrative that stablecoins will lead to the continued dominance of the US dollar on the global stage. Schiff's criticism underscores his belief that the recent crypto bills are not about helping investors or growing the economy but rather about creating a false sense of legitimacy for Bitcoin and other digital assets.

Schiff's warnings raise serious questions about the direction the U.S. is headed with its new pro-crypto stance. While many see these bills as a step forward, critics like Schiff argue they may backfire, risking more harm to the economy than help. As crypto regulation takes shape, the debate is far from over: are these bills laying the groundwork for a digital future or opening the door to financial trouble?