- Schiff criticized the borrowing strategies of Bitcoin advocates.
- Despite his criticism, Bitcoin remained strong, hitting $70K and signaling a potential bull rally.
A long-time Bitcoin [BTC] skeptic, Peter Schiff consistently seizes opportunities to challenge the validity of the leading cryptocurrency and the broader crypto and Web3 sector.
Peter Schiff against Trump?
Recently, he criticized former President Donald Trump and MicroStrategy Inc. co-founder Michael Saylor for their “never sell your Bitcoin” philosophy.
Schiff questioned the rationale behind this strategy, reflecting his ongoing doubts about BTC’s long-term viability and value, and said,
“Both @saylor and #Trump say “never sell your #Bitcoin.” If that’s true and no one who buys Bitcoin ever sells any, what’s the point of owning it? What’s the appeal of living in poverty, dying with a big stack of Bitcoin, with successive generations of heirs repeating the process?”
Why does Schiff view Bitcoin as a tool for increasing debt?
Well, Schiff didn’t stop at critiquing BTC advocates, he also targeted Senator Cynthia Lummis’ idea of borrowing billions to invest in Bitcoin.
He argued that such a strategy would only exacerbate national debt and inflation, offering no significant benefits in return,
“Wyoming @SenLummis claims that borrowing $70 billion to buy 1 million #Bitcoin is this generation’s Louisiana Purchase. The Louisiana Purchase almost doubled the size of the U.S. at a cost of 3 cents per acre. Borrowing billions to buy Bitcoin adds nothing but debt & #inflation.”
His remarks underscore his broader skepticism about BTC’s economic advantages and the potential risks of large-scale cryptocurrency investments.
As expected, these remarks drew significant criticism, as highlighted by YouTuber Daniel Nita on X (formerly Twitter), who said,
“You never sell your Bitcoin you hedge it and borrow against it. Not hard to understand…”
No impact on BTC’s price
However, Schiff continued his critique and, in a follow-up post, and further exclaimed,
Source: Peter Schiff/X
Here, Schiff argued that the idea of using Bitcoin to manage national debt without causing more inflation is flawed and impractical.
But, despite Schiff’s continued criticism, the crypto community and BTC’s price action remain unaffected.
Bitcoin at the time of writing had climbed back to the $70K mark, and with the RSI at a robust 67, it seems to be gearing up for another bull rally.
Source: Trading View