“Bitcoiners don’t care about the economy, only the price of BTC”

The Euro Pacific Capital CEO, Peter Schiff, does not miss the opportunity to comment on current economic issues. Recently, he launched several criticisms of Bitcoin’s media ecosystem in the USA and the role of Trump’s administration in support of the main cryptocurrency.

Schiff stands out with some irony that, before Trump’s return to the White House, several referents of Bitcoin shared their concerns about the structural problems of the US economy, such as the fiscal deficit and inflation. He points out that, while he never stopped supporting gold as a reserve of value par excellence, “they recommended BTC.” However, the businessman highlights that, after the victory of the current head of state, His position remained firm, while many radically changed his opinion.

In this way, the co -author of “how an economy grows and why it collapses” (2010) points out that several bitcoiners now show a “new optimism about the US economy.”, And a more relaxed attitude towards debt and inflation. Even so, they continue to recommend investing in BTC, Something Schiff considers contradictory. He wonders why, if the problems that previously worried Bitcoin’s defenders are being resolved, they continue to promote Satoshi Nakamoto as a refuge.

Although the finance specialist sees this phenomenon as a contradiction, the truth is that Bitcoiners do not support BTC only for the problems that a new administration can face by assuming power. That is to say, Its support does not depend on whether or not a government resolves certain failures of the traditional financial system. Inherent properties of Bitcoin, such as its offer limited to 21 million units, its decentralized character that prevents control of central banks, and their ability to facilitate global transactions without intermediaries, position it as a technology with long -term intrinsic value.

However, the financial commentator does not keep his opinion and raises three possible explanations for the paradox he exposes. First, he suggests that Bitcoiners could continue to have the same concerns as before, but Still they feel the need to show optimistic with Trumpwhom they see as “the president of Bitcoin.”

The second explanation is that this renewed optimism “is not based on debt or inflation in the US.” The expectation of a greater demand for BTC by the newly created American treasuryas well as foreign governments and new institutional investors. It should be noted that, although initially the new cryptoactive reserve will be composed of seized cryptocurrencies, Trump has authorized the implementation of neutral budget strategies to acquire more BTC. On these possible approaches it is still being discussed.

Finally, Schiff suggests that perhaps many “were never really convinced of the risks that raised debt or inflation,” and that simply «They used those arguments to boost the price of BTC». In his opinion, after Trump’s arrival, they changed the speech to continue promoting the leading cryptoactive.

It is also important to mention that, in recent months, Euro Pacific Capital leader has intensified his criticisms of the current United States government policies. In early March, Schiff launched its own “BTC reserve”, with the intention of winning the State in its own game and demonstrate “how much can lose such a project with the passage of time”.

In addition, he recently expressed concern about the possibility that Trump finds the way to use taxpayers money to buy BTC without the need for Congress. According to Schiff, this would set a dangerous precedent, allowing any president to use public funds to acquire what he wants. “This would grant unprecedented power to reward allies and punish enemies”he warned.