Bitcoin News Today: Peter Schiff Warns Crypto Bills May Accelerate US Dollar Collapse

Peter Schiff, a well-known gold advocate, has expressed strong disapproval of the recent passage of three significant crypto bills in the United States. He described the GENIUS Act, CLARITY Act, and anti-CBDC laws as legislative efforts aimed at artificially legitimizing Bitcoin, thereby generating hype and allowing insiders to profit from higher prices. Schiff characterized this legislative move as a "low point," suggesting that the promotion of Bitcoin by the Trump administration could accelerate the collapse of the US dollar.

Schiff's criticism extends to dollar-pegged stablecoins, which he argues are only as reliable as the dollar itself. Given his belief in the declining strength of the US dollar, Schiff asserts that stablecoins will not lead to the dollar's global dominance, as some industry veterans have suggested. He maintains that gold remains the only true store of value.

The passage of these bills has elicited mixed reactions. While some lawmakers and members of the crypto community view the legislation as a major milestone for the digital assets industry, Schiff's perspective offers a contrasting view. He warns that the hype generated by these bills could ultimately lead to a crash in both the US dollar and Bitcoin, with gold emerging as the ultimate winner.

Schiff's criticism is not new; he has long been a vocal opponent of Bitcoin, preferring gold as a more stable and reliable investment. His comments reflect a broader debate within the financial community about the role and legitimacy of cryptocurrencies. As the crypto market continues to evolve, Schiff's warnings serve as a reminder of the potential risks and uncertainties associated with digital assets.