Economist Peter Schiff accuses Donald Trump of manipulating prices of Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and Ripple (XRP) through a pump and dump scheme.
Schiff claims that Trump's announcement of a US crypto reserve, including BTC, ETH, XRP, Solana, and Cardano, led to price jumps up to 20% in some cryptocurrencies.
Schiff alleges that two posts on Trump's Truth Social account were responsible for the price spikes, benefiting those who had advance knowledge of the announcement.
Schiff argues that a crypto reserve would slow economic growth, increase inflation, and ultimately benefit gold and potentially Bitcoin.