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.