Peter Schiff slammed President Donald Trump’s crypto donors on Tuesday, July 7, accusing them of cashing in a political favor after Trump teased the possibility of adding Bitcoin (BTC) to the new Trump Accounts savings program for children.
In an X post, Schiff suggested the remarks about adding BTC to the Trump Accounts were less about policy and more about rewarding major industry backers.
“Trump’s crypto donors likely called in a favor to get Trump to tease the possibility of allowing Trump accounts to buy Bitcoin by telling a reporter that he’s “become a big crypto guy,’” Schiff stated.
Some of the top pro-Trump crypto entities potentially under fire by Schiff could include Elon Musk, Ripple Labs, Coinbase Global Inc. (NASDAQ: COIN), Crypto.com, and the Winklevoss brothers. Moreover, these entities contributed to pro-Trump super PACs such as MAGA Inc.
The reproach comes after Trump called himself ‘a big crypto guy’ in response to a question about adding Bitcoin to the Trump Accounts. As such, Schiff urged the President to distance the children’s initiative from Bitcoin.
Schiff’s Bitcoin criticism and prediction
Schiff’s remarks fit into his broader skepticism of Bitcoin. The Schiff Bitcoin criticism has recently centered on its capitulation amid selling pressure potentially catalyzed by Strategy Inc. (NASDAQ: MSTR).
As Bitcoin price trades around 63,300 at press time, Schiff recently noted that it may have found a bear support level, as Finbold reported. However, over the past few months, Schiff criticized Michael Saylor’s Bitcoin model, stating that its authorized BTC sales could trigger further crypto capitulation.
Meanwhile, he has condemned the modern U.S. government overreach, stating that it surpasses colonial-era tyranny. In a recent podcast, he cited the weak June jobs report, which showed 514,000 full-time job losses, while the President’s family made a fortune in the crypto industry.
Notably, President Trump and his family made more than $1 billion in crypto-related income. As such, Schiff fears that President Trump could exploit the Trump Account policy system to quell pressure from crypto donors.
Featured image via Peter Schiff YouTube.
