JD Vance Said Bitcoin Created Wealth, Peter Schiff Says It Did No Such Thing: ‘What Has Happened Is A Massive Transfer Of …’
Posted On May 29, 2025
Economist and market commentator Peter Schiff slammed Vice President JD Vance’s support for Bitcoin (CRYPTO: BTC) 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.”
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