Peter Schiff, a renowned economist and vocal critic of Bitcoin, endorsed former US President Donald Trump before the 2024 elections.
Schiff’s endorsement of Trump signifies a political alliance that extends beyond their differing views on cryptocurrency, particularly Bitcoin. He has been long known for maintaining a strong anti-crypto stance.
Schiff’s Consistent Anti-Bitcoin Stance Meets Trump’s Changing Views
Schiff, known for advocating gold over digital currencies, recently announced his support for Trump on X (formerly Twitter). This statement came following the second assassination attempt on Trump on Sunday.
“The fact that they keep trying to kill Trump is reason enough to vote for him,” he wrote.
This endorsement has drawn attention, particularly because he has regularly dismissed the cryptocurrency as a speculative bubble, lacking the intrinsic value that assets like gold provide. His consistent messaging focuses on the belief that Bitcoin will eventually fail, leaving investors at risk of severe financial losses.
Read more: How To Buy Bitcoin (BTC) and Everything You Need To Know
Schiff’s criticism has remained consistent. He particularly disdains Bitcoin’s volatility. He frequently references the potential dangers of Bitcoin ETFs, warning that institutional investors entering the market could lead to instability.
Schiff also criticized Michael Saylor, CEO of MicroStrategy, for his overly optimistic view of Bitcoin’s future. He called Saylor’s $13 million price prediction for Bitcoin “a bunch of nonsense.”
Interestingly, Donald Trump himself was once a Bitcoin skeptic. In 2019, he publicly denounced Bitcoin, calling it “based on thin air.” Furthermore, he expressed concern about its volatility and potential use for illegal activities.
While he once criticized Bitcoin, Trump has since softened his position. He now has publicly acknowledged the growing importance of cryptocurrencies in the global economy. This shift is particularly evident in Trump’s engagement with the crypto industry during his 2024 presidential campaign.
In recent months, Trump has accepted crypto donations for his campaign. He even expressed interest in using Bitcoin to tackle the US national debt. Though skepticism has met these ideas, they show that Trump’s views on the role of digital currencies in economic policy are undergoing a broader shift.
Additionally, he has actively explored the potential of decentralized finance (DeFi) through his family’s project, World Liberty Financial (WLFI). Spearheaded by his sons, Donald Trump, Jr. and Eric Trump, WLFI promises to be a DeFi platform positioned as a disruptive alternative to traditional banking.
Although the project has generated both excitement and controversy—particularly regarding its potential financial benefits for the Trump family—it showcases the former president’s willingness to explore opportunities within the crypto sector. Trump’s attendance at high-profile events, such as the Bitcoin 2024 conference in Nashville, further reflects his changing approach to digital currencies.
Despite Trump’s growing involvement in crypto, several industry experts have raised concerns that his shifting stance might be politically motivated. In a blog post, Arthur Hayes, co-founder of BitMEX, shared a critical perspective on Trump’s shifting position. He suggested that Trump is appealing to the politically active and financially influential crypto community to bolster his 2024 election campaign.
Similarly, Mike Novogratz, CEO of Galaxy Digital, pointed out that Trump’s newfound support for Bitcoin could be a strategic move to capture votes from the “single-issue voters.”
“If [Vice President Kamala] Harris, who has had no control over policy from her seat, does the same, is it pandering? C’mon. We want both parties on our side! Like I said yesterday, that was a spectacular endorsement for our industry! And it is forcing the Democrats to get on board! We want both parties supporting us!” Novogratz added.
Read more: Simplifying the Bitcoin Whitepaper: A Comprehensive Guide
Regardless of his changing views, Trump’s stance on Bitcoin continues to spark political and financial debates. Notably, Schiff’s endorsement adds to a growing list of public figures who support Trump. For example, the Winklevoss twins, founders of the crypto exchange Gemini, have also backed Trump by donating a significant amount of Bitcoin to his presidential campaign.
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