Economist Warns Trump’s Bitcoin Bet Could Weaken The Dollar–Details
2025-06-29 16:37:37
Main Idea
The article discusses the potential impact of Donald Trump's growing support for Bitcoin on the US dollar and highlights his family's involvement in cryptocurrency ventures.
Key Points
1. Economist Peter Schiff warns that Trump's support for Bitcoin could weaken the US dollar by diverting demand away from it.
2. Trump Media has raised $2.3 billion, with critics claiming the Trump family has netted over $1 billion from crypto ventures.
3. Trump's crypto push is seen by some as a strategy to attract wealthy donors rather than a focus on monetary policy.
4. World Liberty Financial, a Trump family business, secured a $100 million investment to expand in decentralized finance (DeFi).
5. At least 10 US states, including Texas and Florida, are following Trump's lead in supporting Bitcoin.
Description
US President Donald Trump’s growing support for Bitcoin has drawn sharp criticism from economist Peter Schiff, who warns that the move could weaken the dollar. Schiff posted on X that exchanging dollars for Bitcoin “puts added pressure on the dollar” and called spending on the cryptocurrency “harmful to our country.” According to reports, Trump believes Bitcoin lifts jobs and eases strain on the dollar, but Schiff says the opposite may be true. Trump And Bitcoin: Impact On Dollar Demand Accordin...
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