Economist Peter Schiff questioned on Wednesday President Donald Trump’s push to make the U.S. the “world capital” of Bitcoin (CRYPTO: BTC), arguing that Beijing couldn’t care less about the leading cryptocurrency.
China Not Bothered About Bitcoin, Says Schiff
In an X post, Schiff slammed Trump’s oft-repeated argument that the U.S. must dominate cryptocurrency and blockchain technology to stop China from getting ahead.
“But Chinese leadership is too smart to care about Bitcoin,” Schiff said. “While we’re wasting capital and resources, they’re building factories and buying gold.”
China Maintains Anti-Crypto Stance
Trump claimed in November that China was trying to get “big” into cryptocurrency, even though there has been no concrete evidence.
The central bank reaffirmed the enforcement in November, voicing specific worries about dollar-pegged stablecoins.
On the other hand, China has aggressively ramped up its gold reserves, marking 14 consecutive months of purchases as of early January, reported Bloomberg.
Crypto In Bear Market?
Schiff’s remarks come alongside a brutal sell-off hammering Bitcoin and the broader cryptocurrency market.
The leading cryptocurrency was only 1.8% away from falling to its previous bull-cycle peak of $69,700. Bitcoin has nearly erased all the gains since Trump assumed office.
Price Action: At the time of writing, BTC was exchanging hands at $70,423.22, down 7.76% in the last 24 hours, according to data from Benzinga Pro
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