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
Trump is slated to speak at the ongoing Bitcoin 2024 conference on July 27.
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.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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