Financial commentator Peter Schiff has publicly challenged President Donald Trump to a debate about the U.S. economy following a verbal attack from the president regarding Schiff's commentary on the affordability crisis.
Despite growing concerns among Americans regarding inflation, President Trump continues to assert that prices are falling and the economy is recovering.
President Donald Trump's Verbal Attacks Continue
Peter Schiff publicly challenged President Donald Trump on Saturday after the president attacked him on Truth Social for appearing on Fox & Friends Weekend. The president's attack on Schiff was in response to his discussing the affordability crisis facing Americans during his morning television appearance on December 6, 2025.
Trump posted on Truth Social, questioning why Fox & Friends would host Schiff. The president described Schiff as a "Trump hating loser who has already proven to be wrong." Trump insisted that prices are substantially reducing and blamed former President Joe Biden for creating the affordability crisis. He claimed gasoline hit $1.99 per gallon in certain states and that other prices are almost all down.
Hours later, Schiff responded on X, challenging Trump or his designee to a debate on the U.S. economy and the effectiveness of his policies. In a separate post, Schiff suggested Trump should change the name of his social media platform to "Lie Social," considering his dislike for the truth.
During his Fox & Friends appearance, Schiff explained that the inflation rate is going to accelerate as Trump’s term progresses and that the policies continue to impact pricing. He told the show’s host, Griff Jenkins, that Biden had a lot of help in causing the affordability crisis, including from Trump during his first term. Schiff stated that Trump is not fixing the problem but making it worse.
The President has continued to dismiss concerns about affordability as a Democrat con job. During a cabinet meeting this week, the president said that the word affordability is a Democrat scam. He argued that Democrats just say the word, but it doesn’t mean anything to anybody. However, Google search data shows that searches for affordability are up 110% compared to a year ago.
Schiff Engages in Debate at Binance Blockchain Week
Prior to his exchange with the President, Schiff was in Dubai at Binance Blockchain Week, where he had a debate with Changpeng Zhao, known as CZ, the founder of Binance and Giggle Academy. The debate centered on Bitcoin versus tokenized gold as forms of money.
During the Dubai debate, Schiff argued that Bitcoin is backed by nothing and has no inherent value. He stated that Bitcoin is a speculative asset with no utility beyond transferring it to someone else. Schiff also promoted his TGold platform, which allows users to purchase physical gold through a mobile app and store it in secure vaults while transferring or redeeming it digitally.
CZ’s defense was Bitcoin’s widespread adoption and its practical advantages. He noted that 300 million people on Binance alone all have some kind of Bitcoin. He pulled a piece of gold from his pocket and explained the difficulty in transporting gold to demonstrate the benefits of Bitcoin’s portability.
Schiff insisted that money requires physical backing to be credible and that Bitcoin’s price is driven primarily by speculation. CZ dismissed this notion, comparing Bitcoin’s value to tech platforms like Google or X, stating that many virtual things have value not tied to physical properties.
President Trump recently granted a full pardon to CZ, who had faced legal issues related to his role at Binance. Trump said CZ wasn’t guilty and was persecuted by the Biden administration.