Vocal Bitcoin critic Peter Schiff has argued that embracing Bitcoin as a nation would weaken America’s economy.

Schiff’s comments, shared Monday on the social media platform X, were a pointed critique of Trump’s vision of making the U.S. a global leader in cryptocurrency.

Economic Risks

In the post, Schiff suggested that due to Trump’s support for crypto, Wall Street was significantly misallocating capital toward Bitcoin and associated ventures.

“Becoming a Bitcoin superpower makes America weaker,” the economist contended, in what appeared to be a jab at Trump’s iconic “Make America Great Again” slogan.

The President-elect has made no secret of his support for crypto, especially Bitcoin, and his election win has pushed the asset’s price to new all-time highs. Anticipation for clearer regulations and an end to the Securities and Exchange Commission’s (SEC) punitive stance on crypto has also encouraged more institutional players to enter the sector.

MicroStrategy has been at the forefront of this Bitcoin acquisition spree, having amassed more than 386,000 coins valued at approximately $35 billion.

However, Schiff believes this redirecting of funds to Bitcoin is “value-destroying.” He recently predicted a “bloodbath” for MicroStrategy’s stock, calling it the most overvalued asset on the MSCI World Index.

Additionally, the Echelon Wealth co-founder suggested that Bitcoin was not a store of value as many of its proponents claim, but rather, holding it was a wager on its price rising as the fear of missing out (FOMO) pushed more people to buy it.

Community Blowback

Schiff’s remarks were met with backlash from the crypto community. One user quest