Peter Schiff Debunks ‘Wealth Creation’ Claims After Vance’s Bitcoin Speech

The post Peter Schiff Debunks ‘Wealth Creation’ Claims After Vance’s Bitcoin Speech appeared first on Coinpedia Fintech News At the Bitcoin 2025 conference in Las Vegas , Senator JD Vance sparked fresh debate by claiming that Bitcoin had generated significant wealth. However, economist and long-time Bitcoin critic Peter Schiff swiftly challenged these claims, arguing that no real wealth was created at all. No Real Wealth Created, Says Schiff Schiff on X highlighted his strong displeasure with the government’s crypto stance. He stated that Bitcoin did not generate wealth but instead facilitated a large transfer of wealth, from early adopters to latecomers. “What has happened is a massive transfer of wealth,” he wrote, warning that capital has been misallocated and valuable resources wasted in the process. At Bitcoin 2025, JD Vance spoke about all the wealth created by Bitcoin and crypto. No actual wealth was created, as these tokens do not represent wealth. What has happened is a massive transfer of wealth from those who bought Bitcoin and crypto early to those who bought later.… — Peter Schiff (@PeterSchiff) May 28, 2025 Criticism of Government Policy Meanwhile, Schiff also took a jab at the Trump administration, which Vance represents. He said rather than promoting Bitcoin as a backup plan for bad policies, leaders like Vance and Trump should focus on fixing those policies in the first place. According to him, good governance would reduce inflation and the need for any hedge at all. A Bit of Humor from Schiff… PETER SCHIFF: Based on what I heard at #Bitcoin 2025 “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.” pic.twitter.com/zrxC6AQcZ5 — The Bitcoin Conference (@TheBitcoinConf) May 28, 2025 Interestingly, Schiff was also a participant at the same conference and shared a humorous observation during a fireside chat. “I’m likely responsible for more people owning Bitcoin than any other individual,” he joked, adding, “Every time I tell you not to buy Bitcoin, you buy more.” Despite his opposition, Schiff acknowledged his role in indirectly promoting Bitcoin through criticism. .article-inside-link { margin-left: 0 !important; border: 1px solid #0052CC4D; border-left: 0; border-right: 0; padding: 10px 0; text-align: left; } .entry ul.article-inside-link li { font-size: 14px; line-height: 21px; font-weight: 600; list-style-type: none; margin-bottom: 0; display: inline-block; } .entry ul.article-inside-link li:last-child { display: none; } Also Read : James Howells Hasn’t Given Up: A New $75M Plan to Rescue His Lost Bitcoin , Gold vs Bitcoin He went further, dismissing Vance’s statement that Bitcoin serves as a hedge against inflation and poor government policy. According to Schiff, Americans want real protection, they should stick to gold and silver assets that have stood the test of time. He added that Bitcoin doesn’t offer the kind of safety people are hoping for in tough economic times. Vance, on the other hand, had framed Bitcoin as a transformative financial tool and even a strategic asset that could strengthen the U.S.’s global economic leadership. His bullish stance highlighted the growing political interest in digital assets , while Schiff’s remarks brought in a starkly contrasting traditional perspective. Crypto Reaction In response to Schiff, one crypto user, Metabolic Uncle explained that producing Bitcoin costs more relative to its market price than gold does, averaging 63% of its value in major cities. This means Bitcoin carries more real-world input like energy and hardware, giving it a stronger intrinsic value compared to gold. 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Some argue Bitcoin has more real-world input costs than gold, like energy and hardware, supporting claims of its intrinsic value. What is the main criticism of Trump’s Bitcoin stance? Critics like Schiff say promoting Bitcoin avoids fixing bad policies and doesn’t address inflation or economic mismanagement. Is it better to buy gold or Bitcoin? Peter Schiff favors gold for stability, while Bitcoin advocates highlight its potential for high returns and unique digital properties, with some suggesting diversification.

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