Peter Schiff warns of chaos from Trump's Bitcoin endorsement
- Peter Schiff criticized the U.S. government's endorsement of Bitcoin and Wall Street's investment strategies.
- He specifically targeted MicroStrategy's aggressive Bitcoin purchasing tactics.
- Schiff believes this endorsement could lead to severe economic consequences for the U.S.
In the United States, renowned economist Peter Schiff expressed his strong opposition to the government's endorsement of Bitcoin, particularly criticizing the incoming Trump administration's support for the cryptocurrency. On a recent Monday, Schiff took to social media to voice his concerns, claiming that Wall Street is misallocating capital into Bitcoin and other related ventures, which he sees as economically harmful. He particularly targeted the aggressive Bitcoin purchasing strategy of MicroStrategy, a firm that has been in the spotlight for its significant investments in the digital currency. Schiff believes that the U.S. aiming to become a Bitcoin superpower would ultimately weaken the nation. His warnings echo previous comments regarding potential economic ruin if the U.S. were to establish a strategic reserve of Bitcoin, cautioning that such a move could lead to hyperinflation and a drastic devaluation of the U.S. dollar.