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Peter Schiff Calls Out Trump For Endorsing Bitcoin – Crypto News

Published

12 months ago

July 26, 2024

Dripp

Renewed economist Peter Schiff has criticized Donald Trump’s Bitcoin (BTC) stance in recent months. The staunch golf advocate has been a major critic of Bitcoin and the crypto market in recent times. This comes on the heels of the asset class gaining popularity in the run-up to the United States Presidential elections.

Peter Schiff Tackles Donald Trump On Bitcoin Stance

The gold enthusiast has taken a swipe at Donald Trump’s Bitcoin stance as the US Presidential elections approaches. Crypto executives and holders have tipped Trump to usher in the needed regulatory clarity in the sector. This is based on recent positive comments as well as leanings to a pro-crypto stance. The former President is expected to headline the Bitcoin Conference amid growing anticipation.

Peter Schiff continued his criticism of Bitcoin adding that a president who gambles taxpayer money on Bitcoin is worse than a CEO doing the same with shareholder money. In a swift reaction crypto enthusiasts have criticized his views pointing at the asset’s growth in the last decade compared to precious metals.

Donald Trump has also received the backing of crypto and tech executives all hinting at positive regulations to drive innovation in the United States. Trump’s recent stance has led to about $4 million in crypto donations as user enthusiasm spikes following recent traction.

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Michael Saylor Takes Criticism For His Strategy

Peter Schiff pointed out that Saylor failed in his former approach to convince CEOs to add Bitcoin to the company’s balance sheet. In a recent post on X (formerly Twitter), he pointed out that the MicroStrategy executive initially tried to convince companies to adopt BTC to the balance sheet but has pivoted to attempts to convince Trump to add the assets to the national balance sheet.

Michael Saylor remains bullish on Bitcoin maintaining his pro-industry stance for years. MicroStrategy is a big investor in Bitcoin as he eyes more adoption in the space.

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