Peter Schiff: 'Trump’s Promise to Make BTC Legal Tender Won’t Happen'

IconCryptoNewsTerminal Staff26 Jul, 2024

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Peter Schiff: 'Trump’s Promise to Make BTC Legal Tender Won’t Happen'

Renowned gold advocate and bitcoin skeptic Peter Schiff, CEO of Euro Pacific Capital, noted through X that "the only reason why former U.S. President Donald Trump is pro-bitcoin is to get donations and votes from the crypto community. His promise to make bitcoin a legal tender won’t happen." Schiff has consistently maintained a bearish stance on bitcoin, often referring to it as a "scam" or a "bubble." In his view, gold remains a superior store of value and a hedge against inflation. Trump, on the other hand, has expressed a more positive view on bitcoin, even stating that he is "looking into" making it a legal tender. However, Schiff believes that this promise is merely a political ploy and will not come to fruition. Only time will tell whether Schiff's prediction is accurate. However, his comments serve as a reminder that the regulatory landscape for cryptocurrencies remains uncertain, and investors should proceed with caution.

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