Economist Peter Schiff criticized President Donald Trump’s cryptocurrency profits, suggesting they came at the expense of investors. In an X post, Schiff highlighted Trump’s disclosed crypto riches, including over $635 million in royalties from the Official Trump (CRYPTO: TRUMP) memecoin. He implied that some of the investors who lost money might have voted for Democrats in the midterms, potentially contributing to the GOP’s setback.
Trump defended his billion-dollar cryptocurrency holdings, stating that his investments are managed by institutions with which he has no direct communication. He argued that U.S. presidents have historically had private financial interests, and his situation is not unusual. However, scrutiny of cryptocurrency is expected to increase in 2027, with Sen. Elizabeth Warren (D-Mass.) reportedly set to chair the Senate Banking Committee and investigate the industry’s ties to Trump’s associates.
As of this writing, the TRUMP coin is down 0.40% in the last 24 hours to $1.12, according to Benzinga Pro. The coin has plummeted 98% from its all-time highs, reflecting significant losses for many investors.