Famous economist and cryptocurrency skeptic Peter Schiff criticized the administration of elected U.S. President Donald Trump for supporting Bitcoin, stating that it will weaken the economy of the United States. The head of strategic development at Euro Pacific Asset Management, Peter Schiff, believes it is wrong for the new U.S. administration to support Bitcoin. In his opinion, as a result, the financial giants on Wall Street irrationally allocate capital to Bitcoin and related investment products. "When the government picks winners and losers, it usually marks the losers. The emergence of Bitcoin superpower makes America weaker," Peter Schiff wrote on social media X. Schiff's comments sparked a negative reaction among crypto enthusiasts. One of them is asset manager at Bitcoin for Family Officers Eric Weiss. He labeled Schiff himself as the loser, as he is only focused on investments in gold.