Renowned economist Peter Schiff questioned the integrity of Bitcoin BTC/USD proponents on Tuesday, claiming that they no longer shared his economic concerns following the election of President Donald Trump.

What Happened: Without taking any names, Schiff took to X to question the rationale behind Bitcoin advocates’ continued endorsement of the apex cryptocurrency despite their newfound optimism about the U.S. economy.

“Before Trump was elected, most of the big names in Bitcoin shared my concerns about the U.S. economy, deficits, and inflation,” the staunch Bitcoin critic said. “However, since Trump was elected, while my outlook has remained consistent, they have done a complete 180.”

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Schiff outlined three possible explanations for this paradox. First, he theorized that Bitcoin advocates may still harbor the same concerns but feel compelled to support the economy due to Trump’s pro-Bitcoin stance.

Second, rather than concerns about debt or inflation, which Bitcoin advocates have traditionally cited as reasons for supporting the asset, their bullish outlook may now be based on growing demand from the Strategic Bitcoin Reserve, foreign governments, and institutional investors.

Lastly, Schiff suggested that these advocates may have never truly believed in the economic concerns they voiced and merely used them as talking points to promote Bitcoin.

A popular trading-related X account, Stockwits Academy, responded sharply to Schiff’s remarks, questioning the notion that consistency is a virtue in a world dominated by centralized organizations.

“Bitcoiners aren't pivoting because they trust Trump, they're doubling down because they don't trust the system,” Stockwits Academy said. “Trump or Biden, Powell or Yellen, the clown show doesn't stop. Bitcoin is a vote of no confidence in all of them.”

Why It Matters:  Schiff’s skepticism toward Bitcoin is not new. He previously referred to Bitcoin as a “digital risk” during times of economic uncertainty and predicted that the ongoing financial turmoil of 2025 could mark its end.

He has also criticized the Strategic Bitcoin Reserve, stating that it exists solely to “scam” more Americans into buying loss-making cryptocurrencies.

Price Action:  At the time of writing, Bitcoin was exchanging hands at $83,417.33, down 2.73% in the last 24 hours, according to data from Benzinga Pro.

Photo Courtesy: Yalcin Sonat on Shutterstock.com

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.