BlockBeats news, on November 26, according to Bitcoin.com News, renowned economist and gold supporter Peter Schiff posted on social media platform X, criticizing the Trump administration's support for Bitcoin policies. Schiff stated: "When the government picks winners and losers, it usually picks losers. Since the Trump administration chose Bitcoin, Wall Street is misallocating a large amount of capital into Bitcoin and related value-destructive enterprises."
Regarding Senator Lummis's proposal for the Federal Reserve to sell gold reserves to buy Bitcoin, Schiff warned: "If the U.S. makes the major mistake of selling gold to buy Bitcoin, you should buy gold, and if you hold Bitcoin, sell it to the U.S. government." He also criticized MicroStrategy Executive Chairman Michael Saylor's Bitcoin investment strategy as a "Ponzi scheme," claiming that if forced to sell Bitcoin, the company could collapse.
