On November 26, Peter Schiff, a well-known economist and gold supporter, posted on social platform X to attack the Trump administration's policies in support of bitcoin. "When the government picks winners and losers, it usually picks losers," Schiff said. "Because the Trump administration has chosen bitcoin, Wall Street is massively misallocating capital to bitcoin and related value-destroying businesses."
In response to Senator Lummis' suggestion that the Federal Reserve sell its gold reserves to buy bitcoin, Mr. Schiff warned: "If the US makes the big mistake of selling gold to buy bitcoin, you should buy gold and sell it to the US government if you hold bitcoin." He also criticised MicroStrategy executive chairperson Michael Saylor's bitcoin investment strategy as a "Ponzi scheme", claiming that the company could collapse if forced to sell bitcoin.
Economist Peter Schiff: Wall Street is misallocating a lot of capital to bitcoin, and building up bitcoin reserves will weaken U.S. power
2024-11-26 06:04:28
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