Peter Schiff, the economist who frequently promotes gold as the ultimate safe-haven asset, posted on X on Thursday that Donald Trump, the so-called first crypto president, will not deliver on promises made during the campaign.
“The only reason #Trump supports #Bitcoin is to get contributions and votes from the #crypto community. He’s not worried that by supporting Bitcoin he’ll lose support from no-coiners, so it’s a political no-brainer. But any promise to make Bitcoin a reserve asset won’t be kept,” Schiff said.
Trump has been embraced by bitcoin enthusiasts as their presidential candidate for 2024—despite earlier comments as president suggesting otherwise—and the Republican is hoping to “crypto-cash in,” according to The Trends Journal.
Trump, who was skeptical of BTC while in office, said in an interview with Bloomberg that he is not the only person who changed his tune on bitcoin. He said JP Morgan’s Jamie Dimon also changed his tune “a little bit.”
Trump is seen as this election’s pro-crypto candidate, despite calling cryptocurrencies while in office a “disaster waiting to happen.”
But he has since evolved and once told an audience that he will keep Sen. Elizabeth Warren, D-Mass., and her “goons” away from regulating bitcoin.
“I will ensure that the future of crypto and #Bitcoin will be made in the USA,” Trump said in May. “I will support the right to self custody to the nations 50 million crypto holders”