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Gold proponent Peter Schiff deed retired astatine US President Donald Trump’s enactment for cryptocurrency, calling Bitcoin a “decentralized Ponzi scheme” wrapped successful the American flag.
He warned that pushing integer assets astatine location could erode spot successful the dollar. Schiff said that, portion immoderate whitethorn cheer weaker insubstantial money, it volition beryllium gold that wins erstwhile Bitcoin yet stumbles.
Dollar Confidence In Question
According To Schiff, encouraging home concern successful Bitcoin and crypto “undermines the US system and speeds up the dollar’s collapse.”
He argued that millions of Americans buying integer tokens won’t prop up the world’s main reserve currency. Schiff believes existent harm comes erstwhile retail investors swap dollars for speculative coins, tipping the scales against greenbacks successful planetary markets.
By promoting home concern successful Bitcoin and crypto, Trump is helping undermine the U.S. system and velocity up the dollar’s collapse. Bitcoiners whitethorn cheer, arsenic astir bought Bitcoin to nett from a dollar crash. But ironically, golden volition beryllium the victor arsenic Bitcoin volition clang too.
— Peter Schiff (@PeterSchiff) July 18, 2025
Ponzi Scheme Allegations
Schiff described caller cryptocurrency bills arsenic small much than a mode to “cloak Bitcoin—nothing much than a decentralized Ponzi scheme—in the trappings of legitimacy.”
He claimed insiders usage caller laws to thrust prices up, past get retired astatine higher levels. “The manufacture is utilizing them to hype Bitcoin and different cryptos truthful insiders tin currency retired astatine higher prices. It’s a legislative debased point,” helium wrote connected X.
Stablecoins Under Scrutiny
Based connected reports, Schiff sees stablecoin plans arsenic a mendacious committedness for dollar dominance. He pointed retired that a stablecoin backed by immoderate fiat currency offers nary existent edge. That stability, helium warned, volition soon springiness way. He besides pointed retired tht dollar‑backed coins are lone arsenic unchangeable arsenic the underlying money.
The main intent of the “landmark” crypto bills is to cloak Bitcoin—nothing much than a decentralized Ponzi scheme—in the trappings of legitimacy. The manufacture is utilizing them to hype Bitcoin and different cryptos truthful insiders tin currency retired astatine higher prices. It’s a legislative debased point.
— Peter Schiff (@PeterSchiff) July 18, 2025
Echoes Of Tulip Mania
Invoking Charles Mackay’s 1630s tale, Schiff compared the integer token craze to the Dutch tulip bubble. He quoted Mackay: “They spell huffy successful herds, and lone retrieve their senses slowly, and 1 by one.”
In that era, bulb prices soared earlier crashing overnight. Schiff said swapping tulips for Bitcoin makes the aforesaid point.
Gold Set To Benefit
Schiff predicted that, adjacent if Bitcoin supporters toast short‑term dollar weakness, golden volition beryllium the existent winner. He said that shaky integer schemes volition illness astatine immoderate point, conscionable arsenic tulip contracts became worthless. When that happens, helium expects golden prices to climb.
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