Peter Schiff Debunks ‘Wealth Creation’ Claims After Vance’s Bitcoin Speech

The post Peter Schiff Debunks ‘Wealth Creation’ Claims After Vance’s Bitcoin Speech appeared first on Coinpedia Fintech News

At the Bitcoin 2025 conference in Las Vegas, Senator JD Vance sparked fresh debate by claiming that Bitcoin had generated significant wealth. However, economist and long-time Bitcoin critic Peter Schiff swiftly challenged these claims, arguing that no real wealth was created at all.

Schiff on X highlighted his strong displeasure with the government’s crypto stance. He stated that Bitcoin did not generate wealth but instead facilitated a large transfer of wealth, from early adopters to latecomers. “What has happened is a massive transfer of wealth,” he wrote, warning that capital has been misallocated and valuable resources wasted in the process. 

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.…

Meanwhile, Schiff also took a jab at the Trump administration, which Vance represents. He said rather than promoting Bitcoin as a backup plan for bad policies, leaders like Vance and Trump should focus on fixing those policies in the first place. According to him, good governance would reduce inflation and the need for any hedge at all.

A Bit of Humor from Schiff…

PETER SCHIFF: Based on what I heard at #Bitcoin 2025 “I'm likely responsible for more people owning Bitcoin than any other individual.”

“Every time I tell you not to buy Bitcoin you buy more.”