Peter Schiff Warns Trump's Bitcoin Support Could Lead To Economic Chaos, Make America 'Weaker' As Wall Street Misallocates 'Bigly'

Benzinga11:39

Renowned economist Peter Schiff came hard at the U.S. government’s endorsement of Bitcoin BTC/USD, predicting potential economic consequences. What Happened: On Monday, Schiff took to X to express his...

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RUM. \nIn what appeared to be a dig at Trump’s popular ‘Make America Great Again’ slogan, Schiff said that becoming a Bitcoin superpower would make “America weaker.”\n\nWhen government picks winners and losers, it usually picks losers. Thanks to the #Trump administration's picking #Bitcoin, Wall Street is winning bigly misallocating capital to Bitcoin and related value-destroying businesses. Becoming the Bitcoin superpower makes America weaker.— Peter Schiff (@PeterSchiff) November 25, 2024\n\nSee Also: EXCLUSIVE: Tim Draper Predicts Bitcoin To Reach $120K By End Of 2024, $250K In 2025\nWhy It Matters: Schiff’s comments come in the wake of his previous warnings about the potential economic catastrophe that could result from the U.S. government establishing a strategic Bitcoin reserve. \nHe warned that the government would have to print more dollars to buy additional Bitcoin, which could spiral into hyperinflation and severely devalue the dollar.\nThe staunch Bitcoin critic has also been unsparing in his attack on Michael Saylor’s MicroStrategy, the firm currently hogging all the limelight because of its aggressive BTC purchases. He predicted a ‘bloodbath' for MicroStrategy's stock, terming it the most overvalued on the MSCI World Index.\nDespite Schiff’s criticism, analysts argue that establishing a Bitcoin reserve would lend Bitcoin historic legitimacy and drive institutional interest, potentially accelerating its growth and pushing its value to unprecedented levels.\nPrice Action: At the time of writing, Bitcoin was trading at $94,547.92, sliding 3.16% in the last 24 hours, according to data from Benzinga Pro. \nImage via Wikimedia Commons\nRead Next: \n\nWhy Bitcoin’s Rally Is Stalling Below $100,000\n\nDisclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors. Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. 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