Whoa! Hold on tight because things got heated with this economic gossip dropped by none other than Peter Schiff, an economist who doesn't beat around the bush. He is fuming over Donald Trump's newfound love for Bitcoin. 💥
It turns out Schiff says that if people start exchanging their greenbacks (dollars, for those who are not paying attention) for Bitcoin, it could be a monumental disaster for the U.S. dollar and, therefore, for the American and global economy. A serious situation, indeed! The guy dropped this in a post on X (formerly Twitter) and it hit hard against Trump's pro-crypto strategy.
Schiff's concern is that if everyone jumps on the Bitcoin bandwagon, the demand for the dollar will plummet, and that's dangerous! 📉 It's like if people stopped wanting your flagship product and went with the competition. He says that the move to exchange dollars for cryptos diverts money away from things that actually produce and help the country grow in the long run. That's how serious he sees it!
But, beware!, this sharply contrasts with what Trump says, as he goes around praising Bitcoin, claiming it creates jobs and has risen like foam, better than the stock market! 📈 But for Schiff, this is a grave mistake. He insists that if dollars continue to be converted to Bitcoin at this scale, the American currency will feel the pressure and will devalue.
And it doesn’t stop there. Trump's plans to create a Strategic Bitcoin Reserve with money taken from criminals are raising Schiff's blood pressure! And as if that weren't enough, several states in the U.S. are already copying Trump's idea and are also gathering their own Bitcoin reserves. What madness!
Moreover, Trump himself has invested a good amount of cash in the crypto world. His company, Trump Media, pocketed about 2.3 billion dollars to bolster its treasury in Bitcoin. Schiff sees this as a super risky move that could destabilize the country's economic foundation. And not only that, the economist accuses him of using the Bitcoin narrative to win over big-money donors in the crypto world, as if it were a strategy to benefit his own family! 🤑
The controversy heated up even more with a VIP dinner that Trump organized at the White House with the owners of the meme coin TRUMP, where it is said that each seat cost almost 150 million dollars. 🤯 Critics, including Schiff, are pointing out that the Trump family has already pocketed over a billion dollars in profits from the cryptocurrency saga, leading people to wonder: Is Trump defending cryptos for the good of the country or for his own pocket? 🤔
And to top it off, Trump's company, World Liberty Financial (WLFI), received a 100 million dollar investment to expand the decentralized finance (DeFi) initiative. Trump's son, Donald Trump Jr., has stated that they got into Bitcoin because they were excluded from traditional banks. But Schiff doesn't buy that story and warns that this blend of political power and cryptocurrency promotion by Trump could be putting personal interests above the economic stability of the nation. A tremendous soap opera has unfolded! 🔥
So, stay alert, my people! This is just the beginning and the debate is hotter than ever. Will Bitcoin take us to the future or will it leave the dollar on the ground? Only time will tell!$BTC
