Economist Peter Schiff has said Bitcoin will play no role in the current trade tension between the United States and India. He believes people will turn to gold or their local currencies instead.
The warning came after the U.S. raised tariffs to 50% on goods coming from India. The decision has been linked to India’s continued trade with Russia, especially buying oil. Schiff said these tariffs are not hurting foreign sellers. Instead, American consumers are the ones paying more.
Schiff explained that many of the goods being taxed are not made in the U.S. People in America now have to pay extra for things they cannot easily replace. In his words, the tariffs are a tax on ordinary people.
His comment quickly spread on social media, especially on X. Schiff doubled down by saying, “They won’t use Bitcoin. They will use their own currencies or gold. Bitcoin will have no role.” He also claimed Saylor’s success came from selling a strong story, not from solid facts.
This is not the first time Schiff has clashed with Bitcoin supporters. He often promotes gold as a safer choice and says Saylor’s Bitcoin predictions are not based on real economic factors.
In one of his recent posts discussing trade, Schiff criticized Michael Saylor, Chairman of MicroStrategy and a strong supporter of Bitcoin. He said the media rarely questions Saylor’s statements and described him as misleading, raising doubts about how Bitcoin is promoted to the public.
Bitcoin Price and Market Reaction
Bitcoin is currently trading around $115,000, holding steady after a small recovery earlier this week. Some market watchers say the price could move towards $122,000, while others warn it might fall below $110,000 if pressure continues.
Schiff’s comments come as Bitcoin remains stuck in a narrow range, with its role in the global economy still up for debate. Even though many institutions have seen it as a safe option during global tensions, many say it remains too unstable.
Schiff’s comment has stirred fresh discussions between those who back gold and those who favor Bitcoin. As pressure builds in the global economy, statements like this are shaping where people place their trust. Some may stick with gold or cash, while others continue to look at crypto.