Economist Peter Schiff said on Wednesday that President Donald Trump’s cryptocurrency proceeds came at investors’ expense, suggesting some affected holders may have supported Democrats in the midterms.
Schiff Targets Trump’s Memecoin Profits
In an X post, Schiff criticized Trump for claiming that he and everyone else had profited from the booming stock market.
Schiff argued that Trump’s disclosed cryptocurrency riches, including more than $635 million in royalties collected from the Official Trump (CRYPTO: TRUMP) memecoin, came “at the expense” of investors.
An investigation later revealed that nearly 1 million investors who bought the meme coin collectively lost $3.81 billion.
“Maybe some of those bagholders voted for Democrats,” Schiff said, referring to the GOP setback in last week’s midterms.
The ‘Crypto President’
Trump defended his billion-dollar cryptocurrency riches, stating that the investments are handled by institutions with which he has no direct communication. He also argued that U.S. presidents have long had private financial interests, and that his situation is not unusual.
That said, scrutiny of cryptocurrency could increase in 2027, with Sen. Elizabeth Warren (D-Mass.). reportedly positioned to chair the Senate Banking Committee and investigate the cryptocurrency industry and its ties to those in Trump’s orbit.
Price Action: As of this writing, TRUMP is down 0.40% in the last 24 hours to $1.12, according to Benzinga Pro. The coin has plunged 98% from its all-time highs.
Photo Courtesy: Peter Schiff