Peter Schiff Crypto Criticism Hits U.S. Bitcoin Laws Hard

Peter Schiff’s crypto criticism is once again making headlines. In response to the passing of three major crypto bills in the U.S., well-known gold advocate and economist Peter Schiff has called the move dangerous and misleading. As reported by CoinGape, Schiff criticized the GENIUS Act, CLARITY Act, and the anti-CBDC bill, calling them a “legislative low point.” He believes these laws are meant to boost Bitcoin’s image under false pretenses.

Schiff Blasts the Bills: “It’s Just Hype”

Last week, President Donald Trump signed all three bills into law. Many in the crypto space celebrated it as a big step forward for digital asset regulation. Schiff, however, sees it as something entirely different.

“The industry is using them to hype Bitcoin and other cryptos so insiders can cash out at higher prices,” Schiff said. He called Bitcoin a “decentralized Ponzi scheme” and argued that the GENIUS and CLARITY Acts aren’t really about helping investors or growing the economy. Instead, he believes they’re just making risky crypto speculation look more legitimate.

He also criticized the rising political support for Bitcoin, saying it feels like part of a larger push to inflate the crypto market while ignoring the real risks.

Stablecoins and the Dollar: A False Sense of Security?

Schiff has long voiced concern about the U.S. dollar’s stability. While some in the crypto industry, like Tether CEO Paolo Ardoino, praised the bills for strengthening the dollar’s global position, Schiff disagreed completely.

He said that stablecoins are only as reliable as the dollar, which he believes is already losing value. “The idea that these bills will secure the dollar’s global dominance is nonsense,” he argued. In his view, people are ignoring the slow but steady weakening of America’s financial foundations.

Crypto in Retirement Plans: A Risky Move

Schiff also took aim at Trump’s recent idea to let Americans invest their 401(k) retirement savings into Bitcoin and other crypto assets. He warned that this could hurt regular people more than help them.

He believes pushing crypto into retirement accounts could speed up the dollar’s collapse. “Bitcoiners may cheer, as most bought Bitcoin to profit from a dollar crash. But ironically, gold will be the winner when Bitcoin crashes too,” he added.

Market Reaction: Crypto Pulls Back

The market didn’t celebrate the new laws for long. After the news broke, Bitcoin (BTC) dropped by 2%. Major altcoins like Ethereum (ETH), XRP, BNB, and Solana (SOL) also saw price dips. This suggests the excitement may have already been priced in, and the signing turned into a classic “sell-the-news” moment.

Final Thoughts: Gold vs. Bitcoin — The Debate Continues

Peter Schiff has never held back when it comes to crypto, and this time is no different. While the U.S. government moves to bring crypto closer to the mainstream, Schiff stands firm: gold, not Bitcoin, is the real store of value.

Whether he’s right or wrong, one thing is clear — Peter Schiff’s crypto criticism continues to stir debate between gold supporters and digital asset believers. This new legislation is making that divide even louder.