JD Vance Said Bitcoin Created Wealth, Peter Schiff Says It Did No Such Thing: 'What Has Happened Is A Massive Transfer Of …'

Economist and market commentator Peter Schiff slammed Vice President JD Vance’s support for Bitcoin BTC/USD at an ongoing cryptocurrency conference Wednesday.

What Happened: Schiff took to X to challenge several remarks made by Vance at the Bitcoin 2025 conference in Las Vegas.

Schiff disputed Vance’s assertion that Bitcoin has created new wealth. “What has happened is a massive transfer of wealth from those who bought Bitcoin and crypto early to those who bought later. In the process, capital has been misallocated and resources squandered,” he argued.

Schiff also questioned Vance’s view of Bitcoin as a hedge against poor government policy and rising inflation, arguing that gold and silver “deliver the needed protection.”

The staunch Bitcoin BTC/USD critic took potshots at the Trump administration, asking it to implement “good” inflation-reducing policies rather than encouraging Americans to buy the wrong asset as a hedge after enacting “bad” ones.

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Why It Matters: Schiff’s comments come after Vance predicted a big surge in Bitcoin adoption in the U.S. He framed the apex cryptocurrency not only as a financial innovation but as a strategic asset that the U.S. must formally embrace to maintain global economic leadership.

Interestingly, Schiff himself was participating at the 3-day conference. During a fireside chat, he made cheeky remark ,saying, “I’m likely responsible for more people owning Bitcoin than any other individual. Every time I tell you not to buy Bitcoin you buy more."

Price Action: At the time of writing, BTC was exchanging hands at $108,237.40, down 0.97% in the last 24 hours, according to data from Benzinga Pro.

Photo Courtesy: Phil Mistry on Shutterstock.com

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