Peter Schiff vs. Trump: The Crypto Conspiracy Clash
Economist, Bitcoin critic, and passionate advocate for gold, Peter Schiff blamed Donald Trump for taking part in the manipulation of crypto prices.
In a new post on X/Twitter, Schiff said:
Donald Trump, the first crypto President, just helped pull off the biggest crypto rug pull of all time.
His comment comes amid a crypto market pullback following the previous day’s rise. What drove prices up was Donald Trump’s announcement on Truth Social about the crypto strategic reserve, which was set to include XRP, ADA, SOL, BTC, ETH, and other valuable cryptocurrencies.
The update came in two parts. First, Trump mentioned the first three assets, later adding that Bitcoin and Ether would obviously be at the heart of the reserve.
After the news, prices surged, but only a day later, the market saw a major decline amid global economic uncertainty and Trump’s increased trade tariffs. Bitcoin fell from over $90,000 to around $83,000, and the total crypto market cap dropped below $3 trillion at the time of writing.
Peter Schiff suspects a presidential pump and dump, calling for a Congressional investigation to determine how Trump, his family, and his allies benefited from the market surge.
According to Schiff, an investigation is needed to uncover who authored the Trump crypto reserve posts that appeared on his page, who knew about the update in advance, how they used this information, and how many coins they bought.
On top of that, Schiff believes Congress needs to review emails and text messages between the President’s staff, his campaign donors, family and friends, Truth Social employees, and others who may be involved in the Trump crypto dealings.
Related: MicroStrategy’s BTC Acquisition Streak Backs Schiff’s Insights
Crypto Supporters Agreeing with Schiff Feels Like a Parallel Universe
Some crypto supporters, including Bitcoiners and altcoiners, found common ground with Schiff in acknowledging that Trump’s crypto impact on the market is undeniable.
Entrepreneur, tech commentator, and crypto supporter Brian Krassenstein responded to Schiff, stating that while he fully supports crypto and Bitcoin, modern history is witnessing the biggest Presidential grift with the launch of TRUMP crypto and Melania memecoins, along with the operations of World Liberty Finance.
Meanwhile, a group of users argued that the pump isn’t over yet. Good Morning Crypto (@AbsGMCrypto) believes this type of volatility is typical in bull markets.
In follow-up posts, Schiff highlighted Ethereum ETFs hitting record lows despite the Trump crypto pump, predicting that Ether still has “a long way to fall.”
He also suggested that rather than a crypto reserve, the government should focus on a strategic petroleum reserve. Even if Bitcoin is the best-performing asset in the world, Schiff argues that the government is better off letting Americans buy it themselves and get rich.
Schiff’s views, though controversial, remain interesting, making him an intriguing figure to follow in crypto and finance.
Related: Trump’s “US Crypto Reserve” Plan: A Game Changer or Just Talk?
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