Bitcoin Won’t Save You—Peter Schiff Says Gold Will | Crypto News
Gold proponent Peter Schiff hit out at US President Donald Trump’s help for cryptocurrency, calling Bitcoin a “decentralized Ponzi scheme” wrapped in the American flag.
He warned that pushing digital property at home might erode trust in the greenback. Schiff mentioned that, while some could cheer weaker paper money, it will likely be gold that wins when Bitcoin finally stumbles.
Dollar Confidence In Question
According To Schiff, encouraging home investment in Bitcoin and crypto “undermines the US economy and speeds up the dollar’s collapse.”
He argued that hundreds of thousands of Americans shopping for digital tokens received’t prop up the world’s foremost reserve currency. Schiff believes actual injury comes when retail traders swap {dollars} for speculative cash, tipping the scales against dollars in international markets.
By selling home investment in Bitcoin and crypto, Trump helps undermine the U.S. economic system and pace up the greenback’s collapse. Bitcoiners could cheer, as most purchased Bitcoin to revenue from a greenback crash. But satirically, gold would be the winner as Bitcoin will crash too.
— Peter Schiff (@PeterSchiff) July 18, 2025
Ponzi Scheme Allegations
Schiff described current cryptocurrency payments as little more than a means to “cloak Bitcoin—nothing more than a decentralized Ponzi scheme—in the trappings of legitimacy.”
He claimed insiders use new legal guidelines to drive costs up, then get out at greater ranges. “The industry is using them to hype Bitcoin and other cryptos so insiders can cash out at higher prices. It’s a legislative low point,” he wrote on X.
Stablecoins Under Scrutiny
Based on reviews, Schiff sees stablecoin plans as a false promise for greenback dominance. He identified that a stablecoin backed by any fiat currency presents no actual edge. That stability, he warned, will soon give means. He also identified tht greenback‑backed cash are only as secure as the underlying money.
The foremost function of the “landmark” crypto payments is to cloak Bitcoin—nothing more than a decentralized Ponzi scheme—in the trimmings of legitimacy. The industry is utilizing them to hype Bitcoin and different cryptos so insiders can money out at greater costs. It’s a legislative low level.
— Peter Schiff (@PeterSchiff) July 18, 2025
Echoes Of Tulip Mania
Invoking Charles Mackay’s 1630s story, Schiff in contrast the digital token craze to the Dutch tulip bubble. He quoted Mackay: “They go mad in herds, and only recover their senses slowly, and one by one.”
In that period, bulb costs soared before crashing in a single day. Schiff mentioned swapping tulips for Bitcoin makes the identical level.
Gold Set To Benefit
Schiff predicted that, even if Bitcoin supporters toast short‑time period greenback weak spot, gold would be the actual winner. He mentioned that shaky digital schemes will collapse at some level, just as tulip contracts turned nugatory. When that occurs, he expects gold costs to climb.
Featured image from Pexels, chart from TradingView
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