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Peter Schiff, Chief Economist and Global Strategist at Euro Pacific Capital, has accused U.S. President Donald Trump of orchestrating a massive “pump and dump” scheme involving cryptocurrencies. Schiff is now calling for a Congressional investigation into the matter, alleging that Trump’s recent statements on digital assets led to significant market manipulation.In a strongly worded post on X (formerly Twitter), Schiff claimed that Trump, whom he labeled as the “first crypto President,” played a role in what he described as the “biggest crypto rug pull of all time.”
Schiff argues that the rapid rise and fall in crypto prices suggest market manipulation, with those privy to Trump’s announcement potentially making significant gains before the crash. He demanded that Congress must investigate whether individuals close to Trump or his campaign benefited from advance knowledge of the announcement.
As Schiff’s accusations gain traction, political and financial experts are divided over whether Trump’s crypto statements were merely speculative or part of a coordinated effort to influence the market. Meanwhile, crypto investors remain on edge, awaiting further developments on both the policy front and any potential investigation.
What’s Next?
If Congress takes up the investigation, it may lead to deeper inquiries into crypto-related policymaking and potential conflicts of interest within political circles.For now, the crypto market remains volatile, with traders closely watching for any new policy moves from Trump or his allies that could once again send prices soaring or crashing.
Peter Schiff calls Trump’s crypto reserve push a ‘Pump and Dump’, demands congressional probe - The Economic Times
Economist Peter Schiff has accused Donald Trump of orchestrating a crypto “pump and dump” scheme, calling for a Congressional investigation into potential market manipulation tied to Trumps recent statements on digital assets.
