‘What Has Happened Is A Massive Transfer Of …’

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Economist and market commentator Peter Schiff slammed Vice President JD Vance’s support for Bitcoin (CRYPTO: BTC) at an ongoing cryptocurrency conference Wednesday.

What Happened: Schiff took to X to challenge several remarks made by Vance at the Bitcoin 2025 conference in Las Vegas.

Schiff disputed Vance’s assertion that Bitcoin has created new wealth. “What has happened is a massive transfer of wealth from those who bought Bitcoin and crypto early to those who bought later. In the process, capital has been misallocated and resources squandered,” he argued.

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Schiff also questioned Vance’s view of Bitcoin as a hedge against poor government policy and rising inflation, arguing that gold and silver “deliver the needed protection.”

The staunch Bitcoin (CRYPTO: BTC) critic took potshots at the Trump administration, asking it to implement “good” inflation-reducing policies rather than encouraging Americans to buy the wrong asset as a hedge after enacting “bad” ones.

Why It Matters: Schiff’s comments come after Vance predicted a big surge in Bitcoin adoption in the U.S.  He framed the apex cryptocurrency not only as a financial innovation but as a strategic asset that the U.S. must formally embrace to maintain global economic leadership.

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Interestingly, Schiff himself was participating at the 3-day conference. During a fireside chat, he made cheeky remark ,saying, “I’m likely responsible for more people owning Bitcoin than any other individual. Every time I tell you not to buy Bitcoin you buy more.”

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