Famed economist and gold advocate Peter Schiff sharply criticized U.S. Vice President J.D. Vance for his statements about Bitcoin at the Bitcoin Conference 2025 in Las Vegas. Vance claimed that Bitcoin and cryptocurrencies protect against inflation and promote financial freedom, calling for swift adoption of regulatory legislation. Schiff, on the other hand, stated in a post on X that Bitcoin does not create real wealth but merely redistributes it from early investors to latecomers.
He called cryptocurrency a speculative asset without intrinsic value and predicted its collapse, comparing it to a financial pyramid. Schiff, known as the 'gold bug,' believes that gold remains a more reliable asset. His criticism sparked a fierce reaction from the crypto community, where many accused the economist of outdated views. Despite this, Schiff continues to assert that government support for Bitcoin, including the idea of a crypto reserve, will weaken the U.S. economy. This controversy highlights the ongoing divide between traditional finance and the crypto industry.
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