Gold advocate and longtime Bitcoin critic Peter Schiff renewed his critique of Bitcoin during a Tucker Carlson interview, arguing that the crypto industry is pushing for government regulation and a bailout not to restrain itself but to gain legitimacy in the eyes of the public. Schiff said that calls for regulatory clarity in crypto amount to an attempt to secure government endorsement, and that regulation would allow Bitcoin proponents to claim official approval, encouraging new investors to enter the market under the belief that the asset has been validated by the state.
Schiff alleged that early Bitcoin holders who profited from later inflows of capital used their gains to influence politicians, including President Donald Trump, to publicly support the asset. He pointed to proposals for a U.S. Bitcoin strategic reserve as an example, characterizing them as a potential “Bitcoin bailout fund” that would use taxpayer money to support the market. Schiff did not present evidence for claims that politicians were “paid off,” framing them instead as his interpretation of political incentives surrounding crypto policy.
Carlson pushed back by arguing that the declining purchasing power of the U.S. dollar and its use as a geopolitical tool suggest the need for a new global reserve asset. He asked why Bitcoin or stablecoins like Tether could not fill that role. In response, Schiff reiterated his long-held distinction between money and currency, arguing that gold is money while fiat currencies and Bitcoin are substitutes that depend on confidence rather than intrinsic value.
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