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.
“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
