Economist Peter Schiff mocked President Donald Trump’s focus on making the U.S. a global leader in cryptocurrency on Monday, dismissing the sector as a decentralized "Ponzi scheme."
Schiff Jabs Trump
Schiff took to X, weighing in on Trump’s claim that the country is “far and away ahead” of China in the industry.
“China wants to be #1 in viable, productive industries,” the Bitcoin (CRYPTO: BTC) critic said. “China has no interest in leading the world in decentralized pyramid or Ponzi schemes. That's our thing.”
See Also: Bitcoin (BTC) Price Predictions: 2025, 2026, 2030
Trump’s Pro-Crypto Pitch
This remark comes in response to Trump’s recent interview, in which he promised to provide 100% support to the industry and restated his ambition to make the country the world’s “Crypto Capital.”
Trump said he's "glad" his sons are involved in the industry, though he admitted he doesn't know anything about the sector himself.
Trump and his family have made more than $1 billion in pre-tax profits through several cryptocurrency ventures, involving his Official Trump (CRYPTO: TRUMP) meme coin, World Liberty Financial USD (USD1) stablecoin, and decentralized finance schemes. These engagements have drawn attention to possible conflicts of interest and allegations of corruption.
Schiff Continues To Be Critical
As for Schiff, this isn’t the first time Schiff has described cryptocurrency as a Ponzi scheme.
Last month, he challenged Strategy Chairman Michael Saylor for a debate on the topic — Is Bitcoin the future of money, or merely a decentralized Ponzi scheme doomed to collapse?
Schiff also poked fun at Bitcoin advocates amid the ongoing downturn, stating, “Bitcoiners are in denial. Wake up and smell the tulips.”
Price Action: At the time of writing, BTC was exchanging hands at $107,047.69, down 1.06% in the last 24 hours, according to data from Benzinga Pro.
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