Economist Peter Schiff has renewed his criticism of Bitcoin, this time targeting Americans who choose to put their retirement savings into cryptocurrencies.
In a post on X, Schiff wrote: “Most Americans have saved far less than needed to have any hope of retirement. By allowing Americans to gamble what little retirement savings they have in their 401(k)s on Bitcoin and other cryptos, Trump just made this problem much worse!”
The comments came shortly after former U.S. President Donald Trump signed an executive order aimed at curbing “unfair debanking” in the crypto sector. The order is intended to make it harder for banks to deny services to cryptocurrency businesses and investors, but it has also opened the door for 401(k) retirement plans to include crypto assets.
Peter Schiff, a longtime critic of Bitcoin and supporter of gold, has often said cryptocurrencies swing too wildly to be safe investments, especially for retirement. His latest comments revive the debate over whether digital assets belong in long-term savings at all.
This is not the first time Schiff has publicly dismissed Bitcoin’s relevance. Recently, he claimed that Bitcoin will play no role in the current trade tension between the United States and India, arguing instead that people would turn to gold or local currencies.
His comments followed Washington’s decision to raise tariffs on Indian goods to 50%, a move linked to India’s ongoing trade with Russia, particularly oil purchases.
According to Schiff, these tariffs are not harming foreign sellers but are instead raising prices for American consumers. “The tariffs are a tax on ordinary people,” he said, adding that many of the goods being taxed are not produced domestically, making them difficult to replace.
Over the years, Schiff has also singled out prominent Bitcoin advocates such as MicroStrategy’s executive chairman Michael Saylor, warning that the cryptocurrency’s appeal is speculative and unsustainable. With Trump’s latest executive order expanding crypto access to retirement accounts, Schiff’s warnings are unlikely to go unnoticed in an already polarized investment landscape.