Peter Schiff’s Hilarious Take on Trump’s Bitcoin Blunder: You Won’t Believe This!

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Ah, Peter Schiff, the man who seems to have a PhD in Bitcoin bashing and a minor in gold worship. He’s back at it again, taking a swing at Trump’s grand plan for a US Bitcoin Reserve, which, let’s be honest, sounds like something a toddler would come up with after watching too many superhero movies. 🚀💰

Peter Schiff Mocks US Bitcoin Reserve Plan; Pushes For Gold Strategy

In a recent outburst on X (formerly known as Twitter, because who doesn’t love a good rebranding?), Schiff declared that the US would be in a much better financial position if it had opted for gold instead of Bitcoin. Because, you know, gold is shiny and has been around since the dawn of time, while Bitcoin is still figuring out what it wants to be when it grows up.

According to our favorite economist, the Bitcoin reserve, which was established on March 6 (a date that will live in infamy for crypto enthusiasts), has already taken a 12% nosedive. Meanwhile, gold prices have been doing a little happy dance. Schiff quipped:

“So far, the value of the Bitcoin held in that reserve has declined by over 12%. Had the U.S. sold it and added to our gold reserve, not only would we have avoided that loss, but we would now have a 2% gain.”

In other words, Schiff is waving a big, shiny gold flag, proclaiming that it’s the safer bet in these turbulent economic waters. Who knew that gold could be the adult in the room while Bitcoin throws a tantrum?

But wait! Another user chimed in, pointing out that the Biden administration had already missed out on massive BTC gains by selling early. Schiff, ever the skeptic, dismissed this claim as “irrelevant.” Because why look at the past when you can focus on the present disaster, right?

Peter Schiff Warns Of US Recession

In a separate post that could only be described as a delightful dose of doom and gloom, Schiff raised alarms about the US economy. He linked Trump’s rising tariff plans to a potential recession, warning investors to brace themselves for a market downturn that could make the Great Depression look like a minor inconvenience. Talk about a party pooper! 🎉

He further stated that even with the recent dip and the crypto market crash, equities are still overvalued. If a recession hits, we might be looking at a market drop that would make even the most stoic investor weep. Schiff mused that even a 50% market drop might not be enough to reflect the true scale of the impending crisis. Yikes!

Can The US Fed Save The Economy?

While Schiff is busy warning us about the potential recession, a user had the audacity to suggest that it’s unlikely. Schiff, with a sarcasm level that could rival a stand-up comedian, retorted that only the US Federal Reserve could save the day. Because who doesn’t love a good dose of irony?

However, he cautioned that this would require pumping more liquidity into the system, which could lead to runaway inflation. And let’s not forget Trump’s recent threat of an additional 50% tariff on China, which has sent market concerns spiraling like a rollercoaster ride gone wrong.

Meanwhile, in a plot twist worthy of a soap opera, the market has recorded a strong recovery today, with Bitcoin soaring to the $80K mark. But before you start throwing your money around like confetti, remember to consider the current macroeconomic woes and other factors before placing your bets in this uncertain circus. 🎪

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2025-04-08 15:36