Peter Schiff says Bitcoin hitting $100k happened only because of government intervention

Bitcoin finally crossed over $100,000 in a performance that has been nothing short of extraordinary after US president-elect Donald Trump shared that he had made up his mind on who he wanted to lead his SEC: The pro-crypto Paul Atkins.

The community lost it and MicroStrategy’s Michael Saylor is even considering throwing a party in Malibu to celebrate. But of course Bitcoin’s breakthrough has made some people really unhappy and bitter.

Peter Schiff, stockbroker and proud BTC hater, came up on X to throw cold water at the community’s celebrations. “It’s ironic that Bitcoin only hit $100k by buying off politicians and getting in bed with government,” he said.

Peter added that without the government intervention he actually claimed to have foresaw, Bitcoin never would have made it. He attributed the asset’s entire performance this year to politics. In his words:

“What couldn’t be done in a free market was achieved through the cohesive power of the state.”

It’s a bitter truth

Though his crypto criticisms are always biased, Peter does make a great point here. Let’s be realistic. If Trump wasn’t just silly enough to take the crypto nerds serious, and if the nerds’ own elites didn’t have $100 million and Elon Musk to lobby with, we probably  wouldn’t be where we are right now.

But let’s also be fair. Everything the industry has managed to do this year (thanks to folks like Coinbase’s Brian Armstrong, Cardano’s Charles Hoskinson, and TRON’s Justin Sun) is just what Wall Street has been doing for literal centuries.

Crypto stepped to the field this year, and played their own game better than them. Though to be fair, stock bros and crypto bros have been on the same side throughout the year so there was never any competition. Trump brought everyone together.

So yes, Bitcoin needed the government to intervene for it to hit $100,000 this year. But it’s not just any government. It’s the most pro-crypto White House and Congress in the history of the world led by a man who proudly calls himself “crypto president.”

Bitcoin didn’t need a president. It needed a believer, a strong-willed leader that can bring along like-minded believers. And get this, around five years ago, Peter posted, “Keep dreaming. Bitcoin is never going to hit $100,000!” No wonder he’s so mad.

Binance founder Changpeng Zhao humorously responded to him two hours ago with an iconic “Don’t dream. Keep building!”

Just earlier, New York City Mayor Eric Adams was telling a crowd “Remember y’all laughed at me when I first got my Bitcoin? Who’s laughing now?”

It really is a party in the USA.

Long Live, Trump!

Meanwhile, the crypto president has become an awe to fellow world leaders, citizens, Wall Street, and Crypto Twitter alike. In the beginning of his crypto campaign (and perhaps even up until last month), everyone still had their doubts about his love for the industry.

Wouldn’t have been the first, or even tenth time Trump has failed to fulfill campaign promises. We all know that. But the community was also worried because some of his economic policies will quite literally crush crypto, along with the stock market.

The president is a very stubborn man. He wants to be in charge of the Federal Reserve, he wants to create a national Bitcoin strategic reserve, he wants to protect USD’s throne, and he wants to slap tariffs on at least five of the world’s most powerful countries.

Even with the most basic knowledge of economics, it is easy to understand how these things – combined together, along with a side of Trump – will be impossible to achieve.

It’s either Trump gives up his America First agendas for crypto, or vice versa. It’s highly unlikely that he would pick the latter, and with a good reason.

Clearly, the man has the toughest job in the world right now. And he reports to office on exactly January 20th. That’s when it’ll start. A revolution, or a spectacular crash. No in-between.

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