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Trump’s new Bitcoin obsession is making waves—and not all good ones.
Schiff’s Warning: “This Hurts the Dollar”
Economist Peter Schiff isn’t thrilled. He blasted Trump on X, saying buying Bitcoin puts “pressure on the dollar.” He called it bad for the country.
Schiff says every dollar swapped for Bitcoin weakens demand for the greenback. That’s a red flag when Bitcoin is already up over 30% this year.
Trump Thinks Bitcoin Helps
Trump disagrees. He thinks Bitcoin brings jobs and reduces stress on the dollar. Schiff says he’s dreaming.
Uncle Sam’s Not Selling Dollars (Yet)
The US isn’t dumping dollars directly. Instead, it’s using money seized in crime cases to build a Strategic Bitcoin Reserve. Ten states—yep, including Texas and Florida—are also stacking Bitcoin. That’s risky, considering how wild crypto prices can swing.
Trump Media’s $2.3B Crypto Push
Trump’s private company, Trump Media, raised $2.3 billion to stock up on Bitcoin. In May, the White House hosted top holders of the TRUMP meme coin. They reportedly spent $150 million just to dine with him.
Critics say the Trumps already made over a billion from crypto. It’s clearly a love story between their campaign and the crypto crowd.
Politics or Ponzi?
Peter Schiff thinks this is less about policy, more about pleasing crypto-rich donors. He called the events a “crypto donor trap.” If Bitcoin tanks, the reserve could turn into a giant money pit.
More Crypto Deals Incoming
World Liberty Financial, another Trump-linked biz, snagged $100 million to grow in DeFi (Decentralized Finance)*. Trump Jr. says banks shut them out, so they pivoted to crypto. Some say it’s just about chasing new money.
* DeFi: Decentralized Finance—crypto-based financial services without banks.
