TechFlow News, November 26 — According to Bitcoin.comNews, renowned economist and gold advocate Peter Schiff criticized the Trump administration's pro-Bitcoin policies in a post on social platform X. Schiff stated: "When governments pick winners and losers, they usually pick losers. Because the Trump administration has chosen Bitcoin, Wall Street is misallocating massive capital into Bitcoin and related value-destroying enterprises."
Trump previously pledged to establish the United States as a global leader in cryptocurrency and supported including Bitcoin in the nation's strategic reserves. This stance aligns with a Bitcoin bill proposed by Wyoming Republican Senator Cynthia Lummis, which aims to integrate Bitcoin into the U.S. financial system.
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 sell your Bitcoin to the U.S. government." He also labeled MicroStrategy Executive Chairman Michael Saylor's Bitcoin investment strategy a "Ponzi scheme," claiming the company could collapse if forced to liquidate its Bitcoin holdings.
