Gold proponent Peter Schiff hit out at US President Donald Trump’s support for cryptocurrency, calling Bitcoin a “decentralized Ponzi scheme” wrapped in the American flag. He warned that pushing digital assets at home could erode trust in the dollar. Schiff said that, while some may cheer weaker paper money, it will be gold that wins when Bitcoin finally stumbles. Related Reading: Whales? No, Newbies: Surge In New BTC Holders Fuels Market Rally—Study Dollar Confidence In Question According To Schiff, encouraging domestic investment in Bitcoin and crypto “undermines the US economy and speeds up the dollar’s collapse.” He argued that millions of Americans buying digital tokens won’t prop up the world’s main reserve currency. Schiff believes real damage comes when retail investors swap dollars for speculative coins, tipping the scales against greenbacks in global markets. By promoting domestic investment in Bitcoin and crypto, Trump is helping undermine the U.S. economy and speed up the dollar’s collapse. Bitcoiners may cheer, as most bought Bitcoin to profit from a dollar crash. But ironically, gold will be the winner as Bitcoin will crash too. — Peter Schiff (@PeterSchiff) July 18, 2025 Ponzi Scheme Allegations Schiff described recent cryptocurrency bills as little more than a way to “cloak Bitcoin—nothing more than a decentralized Ponzi scheme—in the trappings of legitimacy.” He claimed insiders use new laws to drive prices up, then get out at higher levels. “The industry is using them to hype Bitcoin and other cryptos so insiders can cash out at higher prices. It’s a legislative low point,” he wrote on X. Stablecoins Under Scrutiny Based on reports, Schiff sees stablecoin plans as a false promise for dollar dominance. He pointed out that a stablecoin backed by any fiat currency offers no real edge. That stability, he warned, will soon give way. He also pointed out tht dollar‑backed coins are only as stable as the underlying money. The main purpose of the “landmark” crypto bills is to cloak Bitcoin—nothing more than a decentralized Ponzi scheme—in the trappings of legitimacy. The industry is using them to hype Bitcoin and other cryptos so insiders can cash out at higher prices. It’s a legislative low point. — Peter Schiff (@PeterSchiff) July 18, 2025 Echoes Of Tulip Mania Invoking Charles Mackay’s 1630s tale, Schiff compared the digital token craze to the Dutch tulip bubble. He quoted Mackay: “They go mad in herds, and only recover their senses slowly, and one by one.” In that era, bulb prices soared before crashing overnight. Schiff said swapping tulips for Bitcoin makes the same point. Related Reading: $57 Billion Mistake? Ex‑Ripple Engineer Reveals XRP Investment Blunder Gold Set To Benefit Schiff predicted that, even if Bitcoin supporters toast short‑term dollar weakness, gold will be the real winner. He said that shaky digital schemes will collapse at some point, just as tulip contracts became worthless. When that happens, he expects gold prices to climb. Featured image from Pexels, chart from TradingView Source: newsbtc.com (Read Full Article)

A major Dogecoin whale is making a bold $21.24 million leveraged bet just days after locking in a multi-million-dollar profit. The move, which was revealed by Lookonchain, sparked interest among crypto investors on the social media platform X. This comes as Dogecoin is starting to deviate from its bearish Q3 history with a strong performance in the past seven days. Related Reading: $57 Billion Mistake? Ex‑Ripple Engineer Reveals XRP Investment Blunder Whale Makes High-Stakes On Dogecoin According to on-chain transaction monitor Lookonchain, a crypto whale identified as address 0x6adb recently closed a previous long position on Dogecoin with a tidy $2.14 million profit. According to data from HyperDash, this position was open for 63 hours and was eventually closed on July 18. The entry was spot on, and the position was able to take full advantage of Dogecoin’s push from $0.19 to $0.24 within this time period. However, what makes this trade notable isn’t just the size of the gain but the fact that the whale immediately re-entered the market with even more confidence. A few hours after exiting, the whale opened a new 10x leveraged long position on 84.08 million DOGE, which was worth approximately $21.24 million at the time.  Interestingly, the new long position was timed nearly perfectly again. As noted by Lookonchain, the position quickly moved in the whale’s favor, racking up an unrealized profit of $1.64 million. Whale 0x6adb closed his $DOGE long at the top yesterday, locking in a $2.14M profit. 10 hours ago, he jumped back in — going 10x long on 84.08M $DOGE($21.24M), with an unrealized profit of $1.64M. Smart moves! https://t.co/f3FekXx5yg pic.twitter.com/zc2tYXnLeP — Lookonchain (@lookonchain) July 19, 2025 Dogecoin Enters Q3 With 53% Gain Dogecoin’s strong performance in July has marked a positive start for its price action in Q3 2025. Interestingly, the last time Dogecoin ended Q3 with a positive close was in 2020. Since then, the memecoin has posted Q3 losses for six consecutive years, ranging from 6.9% in 2023 to as high as 18% in 2021.  However, as it stands, data from CryptoRank shows that Dogecoin is now experiencing a 53.6% increase in Q3 2025. At the time of writing, Dogecoin is trading at $0.253, marking a 28% increase from $0.197 just a week ago.  According to CoinGlass data, Dogecoin’s open interest on the derivatives market has crossed over the $4 billion mark for the first time since February. This data shows that there are a large number of active participants and strong interest in Dogecoin, which is a positive outlook for its price action in the new week. The $0.25 price level is now a support zone and Dogecoin could embark on a strong move to $0.30 and beyond in the new week if this floor holds. However, any decisive drop below it will flip sentiment fast.  Related Reading: Whales? No, Newbies: Surge In New BTC Holders Fuels Market Rally—Study For a trader with a 10x long position, even a 10% dip in Dogecoin’s price will push the trade deep into negative territory. The whale’s position could be liquidated or severely impacted if Dogecoin retraces to earlier support levels around $0.22 or lower. Featured image from Unsplash, chart from TradingView Source: newsbtc.com (Read Full Article)