Peter Schiff criticises Trump’s Bitcoin policies, suggesting they clash with efforts to reduce the U.S. trade deficit, which exceeded $1.2 trillion. Schiff claims resources are wasted on Bitcoin rather than increasing domestic production. Despite some support for Bitcoin’s benefits, Schiff remains one of its most vocal detractors, especially regarding its perceived value and future impact.
Economist Peter Schiff has expressed concerns over President Donald Trump’s ambitions regarding Bitcoin, suggesting that they contradict his efforts to address the U.S. trade deficit. On an X post, Schiff noted that Trump’s simultaneous desire to rectify trade imbalances while also promoting America as a Bitcoin superpower is fundamentally incompatible. Schiff argues that the limited resources intended for boosting domestic production are instead being channelled into cryptocurrency initiatives, exacerbating the dependency on imports.
In response to Schiff, an X user known as Synergy Media pointed out that developing a Bitcoin-centric economy could yield significant digital value. Schiff, however, was quick to dismiss this assertion, claiming that no tangible value is generated—he argued that funds merely shift from Bitcoin purchasers to sellers without fostering real economic growth.
Notably, Trump has taken a strong protectionist stance, implementing substantial tariffs on major trading partners such as China and Canada in an attempt to mitigate the swelling trade deficit, which reached over $1.2 trillion in 2024. Schiff’s longstanding opposition to Bitcoin is well-documented; he has repeatedly questioned the concept of a U.S. Strategic Bitcoin Reserve since its announcement earlier this year.
Recently, Schiff reiterated his scepticism about Bitcoin as a hedge against the dollar, pointing to its rising correlation with the U.S. economy. He even suggested that the financial landscape in 2025 might lead to Bitcoin’s decline, a notable remark considering Bitcoin was created post-2008 financial crisis.
As of now, Bitcoin is priced at $94,241.84, having increased by 0.85% over the past day, with a noteworthy gain of over 8% in the preceding month, according to information from Benzinga Pro. Meanwhile, further insights from SEC Chair Paul Atkins advocate for clear regulations surrounding cryptocurrency, highlighting the efforts of ‘Crypto Mom’ Hester Peirce.
