Peter Schiff Questions Trump's Bitcoin Ambition Amid Trade Deficit Concerns: 'Resources Are Just Wasted'

Benzinga

Economist Peter Schiff criticized Donald Trump's Bitcoin-centric policy, arguing it contradicts efforts to reduce the U.S. trade deficit. Schiff said on X that scarce resources needed for production are being diverted into cryptocurrency ventures, deepening America's reliance on imports. He dismissed claims that Bitcoin builds digital value, stating, "no value is created" and money only circulates between buyers and sellers. Schiff has criticized the U.S. Strategic Bitcoin Reserve and rejected the idea of Bitcoin as a hedge against the dollar, citing its growing correlation with the U.S. economy.

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00:00It's Benzinga bringing Wall Street to Main Street.

00:02Economist Peter Schiff criticized Autotrunk's Bitcoin-centric policy,

00:06arguing it contradicts efforts to reduce the U.S. trade deficit.

00:09Schiff said on X that scarce resources needed for production are being diverted into cryptocurrency

00:13ventures, deepening America's reliance on imports. He dismissed claims that Bitcoin

00:17built digital value, stating no value is created and money only circulates between buyers and

00:23sellers. Schiff has criticized the U.S. Strategic Bitcoin Reserve and rejected the idea of Bitcoin

00:28as a hedge against the dollar, setting its growing correlation with the U.S. economy.

00:33For all things money, visit Benzinga.com slash GSTV.

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