Peter Schiff Says Bitcoin Could Destroy The Dollar

Written By:
Pari Shukla

Reviewed By:
Gopal Solanky

Last updated: December 6, 2024 5:08 PM

Published 2024-12-06

Peter Schiff Says Bitcoin Could Destroy The Dollar

Peter Schiff, a famous stockbroker and widely known as Bitcoin critic, recently posted a tweet on his X handle suggesting that there is a possibility that Bitcoin may end up destroying the dollar as a currency.

Schiff said that the US Government would grasp Bitcoin and would print trillions of dollars to buy Bitcoin, creating a bubble and inflating the money supply.

Peter Schiff Says Bitcoin Could Destroy The Dollar — Source – X

“Ironically, Bitcoin may end up destroying the dollar after all.” he said, adding “not because it replaces the dollar as a global reserve currency, but because the U.S. government embraces Bitcoin, prints trillions of dollars to buy it, and fuels a larger bubble that squanders the nation’s wealth.”

Schiff believes that the price of Bitcoin has increased to $100,000 because of Donald Trump’s political campaigns and government support and not because of its demand in the market.

As reported, the upcoming U.S. president Donald Trump has planned to create a Crypto advisory council to build a national Bitcoin reserve. Schiff’s views sheds light on this move and concludes that it can diminish the Dollar currency and its global dominance.

Read: President Trump Names David Sacks as White House Crypto and AI Czar

Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.

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TAGGED:Bitcoin (BTC)Peter Schiff

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By Pari Shukla

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Parmeshwari Shukla is a Content Writer with over 3 years of experience in digital media, including 1 year in crypto news and journalism. She holds a Master’s degree in Mass Communication and a certification in Sports Journalism, bringing versatility and a strong editorial sense to her work.

By Gopal Solanky Sr. Crypto Journalist

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Gopal Solanky is a Senior Reporter, Markets & Protocols at The Crypto Times, based in Ahmedabad. He covers institutional crypto adoption, Bitcoin treasury strategies, DeFi markets, protocol ecosystems, Ethereum network activity, Hyperliquid, on-chain trends, and broader digital asset market movements. Gopal has been active in the crypto ecosystem for more than six years. Before joining The Crypto Times full-time in 2023, he worked as a freelance crypto content writer, developing a strong understanding of blockchain infrastructure, DeFi protocols, market cycles, token mechanics, and peer-to-peer systems. His reporting focuses on explaining how protocols work, why market movements happen, and how institutional and on-chain activity affects crypto investors and builders. At The Crypto Times, Gopal regularly writes market analysis, protocol explainers, breaking news, and technical breakdowns across Bitcoin, Ethereum, DeFi, altcoins, treasury companies, and Web3 infrastructure. He also conducts on-the-record interviews with regional Web3 founders, protocol teams, and ecosystem leaders. His work has been cited by external publications, including Vulture.com, in coverage of major crypto stories such as the Hawk Tuah memecoin controversy. His reporting has also contributed to The Crypto Times’ coverage of major industry events, including FTX-related developments, institutional crypto adoption, and emerging protocol narratives. Gopal holds a Bachelor’s degree in Computer Applications, giving him a technical foundation for analyzing blockchain systems, crypto infrastructure, and market data.