Bitcoin (BTC) fell 2% today as altcoins saw a retreat after a massive gain, and the crypto market as a whole sold off the news of the historic laws’ passage.
On Friday, three “Crypto bills,” also known as the CLARITY Act and the anti-CBDC Act, were signed into law by US President Donald Trump. One of these legislation was the GENIUS Act. Despite the fact that it was hailed as a watershed event for the digital assets market by several politicians and the crypto community, Peter Schiff has criticized the Trump administration.
U.S. President Trump has signed several crypto bills—the GENIUS Act, the CLARITY Act, and anti-CBDC laws. Which Peter Schiff has criticized as nothing more than instruments to artificially inflate the value of Bitcoin. The stablecoin bill, according to Schiff, will do little to aid the faltering US dollar.
Manipulative Tool Favoring Bitcoin
Schiff calls Bitcoin a “decentralized Ponzi scheme” and thinks these legislation are primarily intended to legitimize it. The naysayer claims that the digital asset market is being manipulated by these legislative initiatives. Industry insiders are taking advantage of them to drive up the price of Bitcoin and other cryptocurrencies so that they may profit. According to Schiff, it’s a legislative low point.
Trump had previously hinted at the possibility of issuing an executive order to allow 401(k) retirement plans to invest in cryptocurrency and Bitcoin the day before. Such an endorsement of digital assets, according to Schiff, would hasten the demise of the US currency. Since the majority of Bitcoin investors anticipated a dollar decline, they may be celebrating. Coincidentally, Bitcoin will also plummet, therefore gold will come out on top, he said.
Schiff has long held the view that gold is the only reliable medium of exchange. And has been a vocal opponent of Bitcoin. The Trump administration’s pro-crypto stance is something he has already condemned on several occasions.
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Source: https://thenewscrypto.com/peter-schiff-slams-crypto-bill-move-as-bitcoin-propaganda/