"Gold advocate and longtime Bitcoin critic Peter Schiff renewed his attacks on Bitcoin during a recent interview with Tucker Carlson, arguing that the cryptocurrency industry is seeking government regulation and a government bailout not to restrain itself, but to gain legitimacy in the eyes of the public. Schiff said that calls for regulatory "clarity" in crypto amount to an attempt to secure government endorsement."
""The government now endorses it. The government is supporting it," he said, adding that political support for Bitcoin has been driven by financial incentives rather than monetary fundamentals. Schiff alleged that early Bitcoin holders who profited from later inflows of capital used their gains to influence politicians, including President Donald Trump, to publicly support the asset."
"Schiff did not present evidence for claims that politicians were "paid off," framing them instead as his interpretation of political incentives surrounding crypto policy. Carlson pushed back by arguing that the declining purchasing power of the U.S. dollar and its use as a geopolitical tool suggest the need for a new global reserve asset. He asked why Bitcoin or stablecoins like Tether could not fill that role."
Calls for regulatory "clarity" in crypto are characterized as attempts to secure government endorsement and attract new investors by signaling state validation. Political support for Bitcoin is described as driven by financial incentives rather than monetary fundamentals, with allegations that early holders used profits to influence politicians. Proposals for a U.S. Bitcoin strategic reserve are portrayed as a potential "Bitcoin bailout fund" that would use taxpayer money to support the market. Counterarguments point to declining U.S. dollar purchasing power and propose Bitcoin or stablecoins as possible reserve-asset alternatives. Gold is defined as money; fiat currencies and Bitcoin are framed as confidence-dependent substitutes.
Read at Bitcoin Magazine
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