Donald Trump has fiercely criticized economist and Bitcoin critic Peter Schiff, labeling him a "loser" and a "jerk" after Schiff predicted that US prices would continue to rise. Trump's strong reaction came in response to Schiff's remarks during a Fox News interview, where he identified "excessive" spending as the primary issue facing the US government.
Schiff elaborated that he anticipates Trump would attempt to address the nation's deficit through interest rate cuts and a broader return to quantitative easing. He warned, "And all that means is that life is going to get a lot more unaffordable under Trump than it was under Biden." Schiff further predicted that the inflation rate would "accelerate as Trump’s term progresses," asserting that Trump's policies would "continue to impact prices." He added, "Most other prices are higher. Yes, they may not be rising at 9% a year yet, but they’re continuing to rise."
Trump's Rebuttal: "Fixing Biden's Mistakes"
Visibly angered by Schiff's comments, Trump took to his Truth Social platform to launch a scathing attack. "Why would Fox and Friends Weekend (of all things?) put on a ‘Stockbroker’ named Peter Schiff, a Trump hating loser who has already proven to be wrong," Trump stated. He countered Schiff's inflation predictions by asserting, "He thinks prices are going up when, in fact, they are coming substantially down," citing gasoline prices recently dropping to $1.99 per gallon. Trump further claimed, "Other prices are almost all down."
Trump maintained that former President Joe Biden was responsible for the current affordability crisis and that he is working to rectify it. Despite Trump's claims, inflation remains a significant concern, with the US Consumer Price Index (CPI) showing a 3% increase in September compared to the previous year.
Schiff Responds to Trump's Criticism
In a subsequent post on X, Schiff acknowledged that certain prices, including gasoline, might be lower currently but expressed skepticism about the duration of this trend. He also contended that Biden had "a lot of help in causing the ‘affordability crisis,’ including from Trump during his first term." Schiff firmly stated, "He’s not fixing it. He’s making it worse."
Pres. Trump called me a loser, a jerk and a Trump hater for telling the Fox audience the truth about the rising cost of living. Biden had a lot of help in causing the “affordability crisis,” including from Trump during his first term, and he’s not fixing it, he’s making it worse. pic.twitter.com/IK7POAN2ye
— Peter Schiff (@PeterSchiff) December 6, 2025
Schiff challenged Trump or his representative to a debate on the US economy and the effectiveness of his policies. "If I’m as wrong as he says I am, let him prove it," he stated. He further commented on Trump's social media platform, suggesting it should be renamed "Lie Social" given Trump's alleged aversion to the truth.
Concerns Over Housing Affordability
Schiff also addressed housing affordability, describing it as a "direct consequence of the government’s efforts over multiple administrations to try to make housing more affordable." He criticized these government interventions, stating, "But it has backfired like everything government does." Schiff proposed that the only viable solution for housing affordability is for the government to "get out of the way and let home prices come down, which they will do." However, he cautioned that this would likely trigger another financial crisis due to widespread mortgage defaults among homeowners.
A Turbulent Week for Peter Schiff
This exchange follows a tumultuous week for Schiff, an economist with a significant following on X known for engaging with Bitcoin enthusiasts. During a debate at Binance Blockchain Week with Binance co-founder Changpeng Zhao (CZ), Schiff advocated for tokenized gold over Bitcoin as a superior long-term store of value and inflation hedge. He argued that tokenizing gold leverages the commodity's inherent strengths and integrates them onto the blockchain.
The debate gained notable attention when CZ presented a piece of gold on stage and asked Schiff to authenticate it. CZ demonstrated the verifiability of Bitcoin transactions, stating, "If I give you Bitcoin right now, we can verify it in several ways that you received it. It settles instantly and transparently on-chain." He then handed Schiff a gold bar, which bore markings indicating its origin and weight, and asked Schiff if it was real gold. Schiff's response was, "I don’t know."