Economist Peter Schiff suggests that former President Donald Trump’s endorsement of Bitcoin is a strategic move to gain political support, not a commitment to make it a reserve asset.
What Happened: On Thursday, Schiff expressed his views on X, questioning Trump’s motivations for promoting the world’s largest cryptocurrency. He argued that Trump’s endorsement is a calculated move to secure votes and contributions from the cryptocurrency community.
Schiff also stated that by pursuing cryptocurrency-supporting voters, Trump risks alienating supporters who do not trust the asset’s potential.
“He’s not worried that by supporting Bitcoin he’ll lose support from no-coiners, so it’s a political no-brainer,” the Bitcoin critic argued.
See Also: Wyoming Senator Criticizes Proposed Bitcoin Mining Tax, Stresses Potential Consequences
Why It Matters: Schiff’s comments come in the wake of expectations that Bitcoin could be designated as a strategic reserve asset. He equated this anticipation to political vote-buying tactics, likening it to President Joe Biden’s promise to forgive student loans to win votes.
Trump is slated to speak at the ongoing Bitcoin 2024 conference on July 27.
Schiff, a known Bitcoin skeptic, recently conducted a poll questioning the resolve of Bitcoin holders in the face of a potential market downturn. He asked if they would sell their holdings if Bitcoin’s value dropped below $15,000, marking an 80% collapse from its 2024 record-high. About 89% of the respondents said they would continue to hold the asset.
Price Action: At the time of writing, Bitcoin is exchanging hands at $66,001.15, down 2.36% in the last 24 hours, according to data from Benzinga Pro.
Image via Shutterstock
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Price Action: At the time of writing, Bitcoin is exchanging hands at $66,190.93, up 1.1% in the last 24 hours, according to data from Benzinga Pro.
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