Peter Schiff Condemns US Vice President's Opinion on Bitcoin's Role

According to Schiff, the crypto market functions as a capital redistribution scheme, in which early investors benefit at the expense of those who enter later. As a result, there is only a loss of funds and irrational use of resources. He emphasized that such a system cannot be a tool for building a sustainable economy.

Schiff paid special attention to the statement of Vice President Vance, who called Bitcoin a means of protection against ineffective policies and accelerating inflation. However, as the economist noted, Vance himself is a representative of the very government agency whose actions, in his opinion, contribute to the growth of inflation. Therefore, he considers it hypocritical to call Bitcoin a solution to a problem created by the government.

Schiff is confident that real protection against currency devaluation is provided not by digital assets, but by time-tested means such as gold and silver. He suggested that officials focus not on promoting speculative assets, but on developing economic measures aimed at reducing inflationary pressure and maintaining financial stability.

The cryptocurrency community has also previously criticized the existing Proof of Reserves system. Michael Saylor, founder of Strategy, questioned the reliability and security of the current method of confirming reserves. He believes that this approach can not only mislead investors, but also expose companies to additional risks. Saylor called for the development of new, more transparent and secure standards in this area.

Thus, debates about the real benefits of cryptocurrencies and methods of ensuring financial security continue to be the focus of both experts and government officials.