- JD Vance aims to double U.S. Bitcoin users from 50 to 100 million.
- Peter Schiff argues Bitcoin isn’t real wealth and gold is safer.
- Trump’s media firm plans a $2.5B raise, including a Bitcoin treasury.
US Vice President JD Vance made a strong pitch for Bitcoin (BTC) and cryptocurrencies in a headline-grabbing speech in Las Vegas. Vance told the crowd that 50 million Americans already own Bitcoin, and their goal is to double that number to 100 million.
Vance didn’t hold back when criticizing regulators, saying the administration plans to “fire everyone like Gary Gensler”, the former head of the U.S. Securities and Exchange Commission (SEC). Many in the crypto community cheered these comments, seeing it as a signal for a more supportive government approach towards digital assets.
His speech came just a day after Trump’s media company announced plans to raise $2.5 billion. Part of this plan includes creating a Bitcoin treasury, hinting at the campaign’s serious interest in digital assets.
Peter Schiff Fires Back
Not everyone was impressed. Peter Schiff, a longtime Bitcoin critic and gold advocate, issued a warning. Schiff claimed that no real wealth has been created by crypto — instead, it’s been a massive transfer of money from early buyers to later ones. He argued that this has led to poor capital investments and wasted resources. He criticized the Trump administration, saying it should focus on better economic policies to reduce inflation.
Related: “Ticket to Wealth” Belief Drives Bitcoin, Not Intrinsic Value, Argues Peter Schiff
“It would be much better if Vance and Trump were working on good government policies that would reduce inflation, which would also reduce the need to hedge, rather than implementing bad policies that will increase inflation, then encouraging Americans to buy the wrong asset as a hedge,” he wrote.
Bitcoin as a Hedge Against Inflation
Vance also described Bitcoin as a hedge against bad government policies and rising inflation. He argued that digital assets are now part of the mainstream economy and that the U.S. has a “once-in-a-generation opportunity” to lead in crypto innovation. Vance warned that if the country fails to provide clear rules for the industry, the $3 trillion market could move offshore to places with friendlier regulations.
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However, Schiff replied to Vance’s claim and pointed out the irony that Vance is part of the same government causing those problems. While Schiff agrees people need protection, he argues that gold and silver, not Bitcoin, are the safer and more reliable choices.
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