The post Peter Schiff: Bitcoin’s rise has nothing to do with its supposed fundamentals; It’s a Trump-inspired mania appeared on BitcoinEthereumNews.com.

Economist Peter Schiff argued that the current Trump-inspired enthusiasm for Bitcoin was misplaced. He claimed that it would be short-lived, citing basic economic weaknesses that could hurt Bitcoin’s positive outlook. According to Schiff, Trump’s claim to be the ‘Bitcoin president’ was just one of the many promises he would break. The economist insisted that focusing on Bitcoin’s bubble-driven growth would make it harder to achieve its long-term stability.  Peter Schiff says Bitcoin’s rise is a ‘Trump myth’ driven by speculation and artificial growth #Bitcoin‘s rise has nothing to do with its supposed fundamentals. The U.S. dollar is rising, #gold is falling, and the U.S. economy is believed to be on the verge of a boom, with debt-to-GDP plunging, reducing the need for U.S. dollar alternatives. It’s a #Trump-inspired mania. — Peter Schiff (@PeterSchiff) November 11, 2024 Peter Schiff noted that Bitcoin’s rise to its current price of over $84K had nothing to do with its supposed intrinsic value. The founder of Schiff Sovereign harshly criticized the recent Trump-driven Bitcoin surge, pointing out that every president since Greenspan’s era in the 90s took credit for artificial economic growth that largely relied on bubbles. He insisted that the Bitcoin boom was only driven by optimism surrounding Trump’s stance in support of crypto. The long-time Bitcoin critic remained unconvinced about the long-term prospects of the token. He emphasized that it could all come tumbling down if Trump failed to fulfill his pre-election crypto promises. Schiff asserted that Bitcoin promoters had corrupted many over the years. “When Trump was not running for office, he spoke honestly about Bitcoin. He said it had no value, was based on thin air, was not a currency, could undermine the U.S. dollar, and was a threat to the American financial system.” –Peter Schiff  Notably, Peter Schiff disagreed with…

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Filed under: News - @ November 11, 2024 5:17 pm