Renowned economist and Bitcoin critic Peter Schiff sharply criticized U.S. President Donald Trump for supporting cryptocurrencies, claiming it threatens the stability of the dollar. In a post on X from June 28, 2025, Schiff stated that exchanging dollars for Bitcoin creates additional pressure on the American currency, weakening its status as the world's reserve currency. He called investments in $BTC a waste of resources that could be used for the development of the U.S. economy.
Schiff claims that Trump promotes Bitcoin to attract wealthy crypto donors and support the family business, particularly Trump Media, which raised $2.3 billion to create a Bitcoin treasury. The critic also noted the risks of cryptocurrency market volatility.
Trump, on the contrary, calls Bitcoin an “amazing” asset that creates jobs and eases pressure on the dollar. His administration is considering the creation of a strategic Bitcoin reserve.
Schiff warns that such an approach could undermine the U.S. economy, while cryptocurrency advocates see Bitcoin as a hedge against inflation. Stay tuned for news on #MiningUpdates
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