Describing it as a “worthless hole,” he noted that US President Donald Trump had mocked the cryptocurrency world with his own meme coin.
The economist said in a post on his account on the social networking site X - formerly Twitter - that “the cost of mining Bitcoin has nothing to do with its value. I can spend a million dollars digging a huge hole and then filling it back in,” adding, “But that does not mean that I have added a million dollars to the value of the land.”
“The reason why MicroStrategy CEO Michael Saylor claims that Bitcoin is a high-value digital asset is because it is the only asset with a fixed supply cap, but anyone with a Solana address can create a fixed-supply meme coin at virtually no cost,” Schiff added, explaining that “the potential supply of fixed-supply digital assets is unlimited.”
“Some in the crypto community are upset that Trump is mocking their industry with his meme coins, especially those who overvalue Bitcoin,” Schiff continued.
The economist pointed out that "Trump has highlighted the absurdity of the industry, which is perhaps the real reason why industry insiders are upset."
“Trump signing an order to create a cryptocurrency working group to advise on digital asset policy and work with Congress on crypto legislation is not specific to Bitcoin and does not guarantee the creation of a strategic reserve of it,” Schiff said, adding, “It’s just an easy way to please donors” who contributed to his campaign.
The End of the Crazy Movie