Economist Peter Schiff has ignited debate by targeting U.S. President Donald Trump’s recent backing of cryptocurrencies.

The prominent gold advocate claims the administration is prioritizing speculative ventures over substantive economic growth.

Schiff Critiques Trump’s Crypto Goals

Schiff’s criticism surfaced following Trump’s affirmations of his “100% support” for the cryptocurrency sector during an interview. Trump aims to position the U.S. as the global “Crypto Capital,” emphasizing the importance of staying ahead of China in the digital landscape.

However, Schiff derided the notion that leading in cryptocurrency signifies economic superiority, suggesting instead that it reflects misaligned policy focuses.

“China wants to be number one in real industries,” he stated on X. “America’s number one in Ponzi schemes, not progress.”

This isn’t the first time Schiff has opposed the Trump administration regarding its growing acceptance of Bitcoin and the incorporation of digital assets into its policies. Earlier this year, he warned that integrating Bitcoin into retirement plans could accelerate the U.S. dollar’s decline. He has also denounced corporate accumulation of Bitcoin, labeling it “a Ponzi built on a pyramid” driven by speculative excitement.

Schiff recently challenged Strategy chairman Michael Saylor to a public debate regarding whether Bitcoin constitutes the future of money or if it’s merely a financial mirage on the verge of collapse.

Critique of Bitcoin’s Value Amid Price Decline

As of the latest reports, Bitcoin is trading around $104,000, having fallen more than 8% over the past week and standing over 17% below its October peak. Staying true to form, Schiff capitalized on the downturn to mock cryptocurrency proponents, saying, “Bitcoiners are in denial. Wake up and smell the tulips.”

Members of the Bitcoin community responded swiftly, asserting that Schiff is the one in denial and asserting that both Bitcoin and gold can coexist as viable investments. Some even pointed out his history of inaccurate predictions. According to data from Grok AI, Schiff has made at least 237 bearish predictions regarding Bitcoin since 2011, each one forecasting its downfall, while the asset’s value has surged by upwards of 1,000,000% during that period.

Despite his track record, Schiff continues to launch critiques against Bitcoin, maintaining that it remains in a bear market and repeatedly questioning its classification as “digital gold.”