Hunter Biden Calls US Dollar Fake Advocates Bitcoin Over Fiat System
Hunter Biden, son of the former U.S. president, has publicly criticized the American dollar, calling it 'fake' under the current fiat monetary system. During an interview on the Pompliano podcast, he argued that inflation acts as a built-in tax on citizens, reinforcing his growing pro-Bitcoin stance. Investor Anthony Pompliano shared a clip from the interview, highlighting Biden's remarks that 'fiat is a sham' and questioning the legitimacy of government-controlled money creation.
Biden's comments align with his previous statements on cryptocurrency. In June, he described fiat money as a 'sham' and expressed support for decentralized digital currencies, predicting that Bitcoin could reach $220,000 by 2028. He also recently launched the LAPTOP memecoin, further tying his public identity to the cryptocurrency space. The podcast discussion covered various topics, including his criticism of both the Biden and Trump administrations, artificial intelligence, and addiction recovery.
While Biden's characterization of inflation simplifies a complex issue, the Federal Reserve acknowledges that money supply can influence prices but is not the sole factor. Recent inflation has been driven by supply shocks, such as energy disruptions, and consumer prices rose 3.4% year-over-year in August. In an earlier interview, Biden acknowledged that central banks may have prevented economic crises but argued that post-2008 money creation contributed to persistent inflation.