Bitcoin critic Peter Schiff: Wall Street is misallocating a large amount of capital to Bitcoin, and building Bitcoin reserves will weaken America's power

2024-11-26 14:03:26

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ChainCatcher news, according to Bitcoin.com News, renowned economist and gold supporter Peter Schiff posted on social platform X, criticizing the Trump administration's support for Bitcoin policies. Schiff stated, "When the government picks winners and losers, it usually picks losers. Since the Trump administration chose Bitcoin, Wall Street is misallocating capital massively into Bitcoin and related value-destroying enterprises."

In response to Senator Lummis's suggestion that the Federal Reserve sell gold reserves to buy Bitcoin, Schiff warned, "If the U.S. makes the grave mistake of selling gold to buy Bitcoin, you should buy gold, and if you hold Bitcoin, sell it to the U.S. government." He also criticized MicroStrategy Executive Chairman Michael Saylor's Bitcoin investment strategy as a "Ponzi scheme," claiming that if forced to sell Bitcoin, the company could collapse.

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