Bitcoin News Today: Schiff Warns Trump Crypto Move Worsens Retirement Savings Crisis

Economist Peter Schiff has renewed his criticism of the inclusion of Bitcoin in U.S. retirement plans, warning that it exacerbates an already dire retirement savings crisis. His comments come in the wake of an executive order signed by Donald Trump, which eases restrictions on cryptocurrency access for 401(k) accounts, potentially impacting millions of Americans [1][2]. Schiff argues that allowing retirement funds to be allocated to a highly volatile asset like Bitcoin amounts to gambling with what little savings many Americans have managed to set aside [3].

Schiff, a long-time proponent of gold and a vocal Bitcoin skeptic, has consistently warned about the speculative nature of cryptocurrencies. In a recent post on X, he stated, “Most Americans have saved far less than needed to have any hope of retirement. By allowing Americans to gamble what little retirement savings they have in their 401(k)s on Bitcoin and other cryptos, Trump just made this problem much worse!” [4]. His remarks highlight concerns about the risks associated with exposing retirement savings to the extreme price swings characteristic of the crypto market.

The Trump administration’s executive order has been welcomed by parts of the crypto industry as a major step toward mainstream adoption. However, critics like Schiff argue the policy lacks adequate protections for investors and could lead to greater financial instability for retirees [5]. He has also pointed to the broader economic challenges facing the U.S., including low wages and rising living costs, which he believes contribute to the fragility of Americans’ financial situations. According to Schiff, the government’s focus on expanding crypto access overlooks these foundational issues [6].

Schiff has not limited his criticism to retirement plans alone. He has also dismissed the relevance of Bitcoin in broader geopolitical contexts, such as U.S.-India trade tensions, suggesting that people would instead turn to gold or local currencies in times of uncertainty [7]. He has also taken aim at high-profile Bitcoin advocates like MicroStrategy’s Michael Saylor, warning that the cryptocurrency’s popularity is driven by speculation and is unlikely to be sustainable [8].

The growing divide between traditional financial experts and crypto proponents is evident in the ongoing debate over whether digital assets should be included in long-term savings strategies. While some view Bitcoin as an opportunity for diversification and potential growth, others, like Schiff, caution against the significant risks involved [9]. As more Americans gain the ability to invest in crypto through their retirement accounts, the long-term consequences of this policy shift remain uncertain [10].

Source:

[1] The (https://www.cryptotimes.io/2025/08/09/peter-schiff-bitcoin-in-retirement-plans-makes-u-s-problem-worse/)

[2] MSN (https://www.msn.com/en-us/money/markets/trump-greenlights-bitcoin-in-40-trillion-401-k-s-peter-schiff-calls-it-a-gamble-with-retirement-savings-what-others-said/ar-AA1K8qqC)

[3] Cointelegraph (https://cointelegraph.com/news/trump-executive-order-crypto-401k-industry-reactions)

[4] “Most Americans have saved far less than needed to have any hope of retirement. By allowing Americans to gamble what little retirement savings they have in their 401(k)s on Bitcoin and other cryptos, Trump just made this problem much worse!”— Peter Schiff (@PeterSchiff) August 7, 2025

[5] The (https://thecryptobasic.com/2025/08/08/trump-executive-order-expands-crypto-access-for-90m-americans-says-white-house-crypto-czar/)

[6] ICOBench.com (https://icobench.com/zh/news/us-retirement-accounts-bitcoin-dr-doom-retirement-crisis/)

[7] Finanzen.net (https://www.finanzen.net/nachricht/devisen/krypto-schock-prognose-peter-schiff-erwartet-altersarmut-durch-bitcoin-14709082)

[8] MarketWatch (https://www.marketwatch.com/investing/fund/gld)

[9] investx.fr (https://investx.fr/en/crypto-news/is-trump-about-to-skyrocket-bitcoin-with-401k-investments/)

[10] investx.fr (https://investx.fr/de/krypto-news/bitcoin-durch-trumps-401k-platzen-gebracht/)