Trump's Bitcoin Support A Political No-Brainer To Garner Votes, Says Peter Schiff: Promise To Make King Crypto A Reserve Asset 'Won't Be Kept'

Economist Peter Schiff suggests that former President Donald Trump’s endorsement of Bitcoin is a strategic move to gain political support, not a commitment to make it a reserve asset.

What Happened: On Thursday, Schiff expressed his views on X, questioning Trump’s motivations for promoting the world’s largest cryptocurrency. He argued that Trump’s endorsement is a calculated move to secure votes and contributions from the cryptocurrency community.

Schiff also stated that by pursuing cryptocurrency-supporting voters, Trump risks alienating supporters who do not trust the asset’s potential.

“He’s not worried that by supporting Bitcoin he’ll lose support from no-coiners, so it’s a political no-brainer,” the Bitcoin critic argued.

See Also: Wyoming Senator Criticizes Proposed Bitcoin Mining Tax, Stresses Potential Consequences

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.

— Peter Schiff (@PeterSchiff) July 25, 2024

First @saylor tired to convince CEOs to add #Bitcoin to their company's balance sheet. Since that failed he's now trying to get #Trump to add Bitcoin to the national balance sheet. A president gambling taxpayer money on Bitcoin is even worse than a CEO gambling shareholder money.

— Peter Schiff (@PeterSchiff) July 25, 2024

Why It Matters: Schiff’s comments come in the wake of expectations that Bitcoin could be designated as a strategic reserve asset. He equated this anticipation to political vote-buying tactics, likening it to President Joe Biden’s promise to forgive student loans to win votes.

Trump is slated to speak at the ongoing Bitcoin 2024 conference on July 27.

Schiff, a known Bitcoin skeptic, recently conducted a poll questioning the resolve of Bitcoin holders in the face of a potential market downturn. He asked if they would sell their holdings if Bitcoin’s value dropped below $15,000, marking an 80% collapse from its 2024 record-high. About 89% of the respondents said they would continue to hold the asset.

Price Action: At the time of writing, Bitcoin is exchanging hands at $66,001.15, down 2.36% in the last 24 hours, according to data from Benzinga Pro.

Image via Shutterstock

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Price Action: At the time of writing, Bitcoin is exchanging hands at $66,190.93, up 1.1% in the last 24 hours, according to data from Benzinga Pro.

• Trump vs. Harris: First Poll Post-Biden Exit Shows Majority Approval; Potential Impact On Trump’s Chances

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.