The post Bitcoin Critic Peter Schiff Denounces Trump’s BTC Endorsement, Calls It Vote-Seeking appeared on BitcoinEthereumNews.com.

Peter Schiff criticizes Donald Trump’s Bitcoin support as a vote-seeking strategy, sparking debate within the crypto community. Long-time Bitcoin critic Peter Schiff has reignited controversy within the crypto community on X. This comes amid discussions at the highly publicized Bitcoin Conference, featuring key figures like Donald Trump, a candidate in the 2024 presidential election.  Schiff’s latest remarks targeted Trump’s alleged support for Bitcoin, claiming it was a strategic move to garner votes and contributions from the crypto community. He asserted that Trump’s promises to make Bitcoin a reserve asset would remain unfulfilled. The only reason #Trump supports #Bitcoin is to get contributions and votes from the #crypto community. He’s not worried that by supporting Bitcoin he’ll lose support from no-coiners, so it’s a political no-brainer. But any promise to make Bitcoin a reserve asset won’t be kept. — Peter Schiff (@PeterSchiff) July 25, 2024 It is important to note that in recent discussions, the idea of Bitcoin becoming a reserve asset for the U.S. government has gained traction, especially if Trump wins the presidency.  Community Reacts Schiff’s comments have sparked significant reactions among cryptocurrency community members, with some attributing his disdain for Bitcoin to his preference for gold.  Additionally, this debate reflects broader market sentiments, with one commenter suggesting Schiff’s gold narrative is losing relevance. Another voice in the discussion claimed Trump’s close ties with Blackrock’s Larry Fink indicate a strategic interest in utility crypto assets like XRP, which could enhance the USD’s strength through fast and secure payments. A contrasting perspective highlighted the significant public interest in Bitcoin, evidenced by its suggestion as a reserve asset and its widespread ownership among Americans.  Schiff Continues Criticism Amid Bitcoin Conference Despite these comments, Peter Schiff continued his critique, targeting figures like Michael Saylor, CEO of MicroStrategy, for their advocacy of Bitcoin.…

---

Filed under: News - @ July 26, 2024 3:22 pm