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![PeterSchiff Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::56562803.png) Peter Schiff [@PeterSchiff](/creator/twitter/PeterSchiff) on x 1.2M followers
Created: 2025-05-28 18:50:13 UTC

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. In the process, capital has been misallocated and resources squandered.

Vance also said that Bitcoin is a hedge against bad government policy-making and skyrocketing inflation. Since he is part of an administration that is responsible for the former that will result in the latter, Americans are certainly in need of a hedge. But gold and silver, not Bitcoin, will deliver the needed protection.

It would be much better if Vance and Trump were working on good government policies that would reduce inflation, which would also reduce the need to hedge, rather than implementing bad policies that will increase inflation, then encouraging Americans to buy the wrong asset as a hedge.


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[Post Link](https://x.com/PeterSchiff/status/1927799589601694166)