Bitcoin bubble: Peter Schiff warns Bitcoin bubble burst will hit Americans hardest, cites U.S as home to the most powerful crypto lobby; here’s what all he said
Peter Schiff’s Warning
He asserted in his podcast that, “We’ve got the lion’s share of this bubble. So when the Bitcoin and crypto bubble pops, where it does the most harm is in the US,” Benzinga quoted him.
Schiff’s Disagreement with the US Bitcoin Reserve Concept
Schiff disagreed with the notion that the US creating a Strategic Bitcoin Reserve would ignite a global Bitcoin race, according to the report.
He questioned that, “If the US government is not going to buy any Bitcoin, then why is anybody else?” as quoted by Benzinga. Schiff also mentioned that, “I never believed that other countries would be dumb enough to buy Bitcoin just because we did it,” Benzinga quoted citing his podcast.
Schiff made his remarks amid increasing fears that the cryptocurrency market, and Bitcoin in general, is about to implode.
A Powerful Lobby and an Exposed Market
Schiff, a well-known Bitcoin skeptic, argued that the US government’s move to adopt Bitcoin as a reserve asset was driven by powerful lobbying efforts from the cryptocurrency industry, as per the report. As Americans own the largest number of Bitcoins, Schiff claimed that they will suffer the most if the market collapses, arguing that the loss would be worse in the US where retail investors and institutional investors have invested heavily, according to Benzinga. While some international reports indicate nations such as China and India possess more Bitcoin in total, US-based institutions continue to control Bitcoin-related investments, as per the report. Bitcoin Treasuries data indicated that the iShares Bitcoin Trust ETF is the market leader, Benzinga reported.
Schiff’s Longstanding Criticism of Bitcoin
The recent warning comes as a continuation of Schiff’s longtime criticisms of Bitcoin. He again reiterated his opinion as the US government plans to hold Bitcoin as a reserve asset, which he has branded as a “waste of resources,” as per the report. He also predicted that they would end up damaging the US dollar, Benzinga reported.
FAQs
What is Peter Schiff’s warning?
Peter Schiff warned that Americans would suffer the most if the Bitcoin bubble burst. This is because of their large investment in the cryptocurrency, Benzinga reported.
Has Peter Schiff always criticized Bitcoin?
Yes, Schiff has consistently been a critic of Bitcoin, considering it a bubble prone to collapse.
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2025-03-14 14:11:00
