Peter Schiff Says Trump's Tariffs Are 'Dumber Than A Strategic Bitcoin Reserve'

Bitcoin BTC/USD critic Peter Schiff has resurfaced with a fresh round of criticism, targeting both Ethereum ETH/USD and Donald Trump's economic policies as markets are reeling from a steep sell-off.

What Happened: In an X post on Monday, Schiff pointed out that Ethereum had dropped below $1,500 for the first time in over two years, briefly touching the $1,400 range.

He warned that ETH is on track to revisit sub-$1,000 territory, similar to June 2022 when the asset struggled to hold that level.

In response, a crypto trader pushed back, dismissing Schiff's gloom as outdated.

The trader noted that volatility is par for the course in crypto, and that Ethereum’s ecosystem continues to expand in terms of tech and adoption—despite price dips.

Schiff doubled down, arguing that over the past 3.5 years, Bitcoin has lost more than 30% of its value when measured in gold. He claimed that anyone ignoring this long-term trend risks serious financial losses.

Also Read: Bitcoin, Ethereum, XRP, Dogecoin Obliterate $1.42 Billion In Liquidations, Plummet Up To 16%

Why It Matters: As crypto and traditional markets sold off following Trump's tariff announcement, Schiff didn't hold back, calling the policy "dumber than establishing a strategic Bitcoin reserve."

His jab triggered a wave of reactions across Crypto Twitter, with some agreeing and others mocking his consistent bearishness.

When asked whether Bitcoin was simply a bad idea for governments or just a bad asset in general, Schiff replied: "Both. But tariffs are worse. Doing nothing would be less harmful than what Trump is doing."

One trader fired back, claiming that "the strategic reserve was actually one of the smarter policy moves" and pointed out that Schiff has been consistently wrong about Bitcoin since 2011.

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