Peter Schiff Questions Trump's Bitcoin Ambition Amid Trade Deficit Concerns: 'Resources Are Just Wasted'

Economist Peter Schiff says that President Donald Trump’s Bitcoin (CRYPTO: BTC)-centric policy contradicts his aim of correcting the U.S. trade imbalance with the world.

What Happened: In an X post on Saturday, Schiff wrote, “Trump’s goals of solving the problems leading to our huge trade deficits and making America a Bitcoin superpower are at odds with one another.”

Schiff asserted that “scarce” resources meant for increasing production were being diverted to cryptocurrency ventures, leaving the country reliant on imports and widening the trade deficit.

See Also: ARK’s Bitcoin ‘Bear Case’ Is $300,000 By 2030—What’s The Bull Case?

X user Synergy Media countered Schiff’s argument, contending that building a Bitcoin-powered economy creates digital value.

Schiff replied, “But no value is created. Resources are just wasted as money just moves from Bitcoin buyers to Bitcoin sellers.”

Notably, Trump has initiated an unprecedented protectionist approach, imposing sweeping import duties on key trade partners such as China and Canada, to address the increasing trade deficit, which exceeded $1.2 trillion in 2024.

Why It Matters:  Schiff has been one of the foremost anti-Bitcoin voices, questioning the rationale of a U.S. Strategic Bitcoin Reserve since its announcement in March.

Earlier this week, he pushed back the idea of Bitcoin as a “non-dollar asset” or a hedge against the dollar, citing its growing correlation with the U.S. economy

Previously, he predicted that the ongoing financial turmoil of 2025 could mark the end of Bitcoin, a cryptocurrency that emerged from the 2008 financial crisis.

Price Action: At the time of writing, Bitcoin was exchanging hands at $94,241.84, up 0.85% in the last 24 hours, according to data from Benzinga Pro. Over the last month, the leading cryptocurrency gained over 8%.

Read Next: 

• SEC Chair Paul Atkins Says Crypto Deserves Clear Regulatory Rules, Praises ‘Crypto Mom’ Hester Peirce’s Efforts

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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