Hunter Biden called the U.S. dollar “fake” and argued that inflation acts as a built-in tax under the fiat monetary system, extending a pro-Bitcoin (CRYPTO: BTC) position he has increasingly embraced publicly this year.
Biden Calls Fiat Money A Sham
“The son of the former President of America is openly telling you the dollar is fake,” investor Anthony Pompliano wrote on X while sharing a clip from his interview with Biden. He quoted Biden saying, “Fiat is a sham” and, “Any government that can print money at will…doesn’t actually equal money.”
“Inflation is built in, it is just a built in tax on the American people,” Biden added.
Pompliano’s Oct. 5 podcast centered partly on why Biden believes in Bitcoin and what he sees as the problems created by government money creation. The conversation also covered Biden’s criticism of both the Biden and Trump administrations, artificial intelligence, addiction recovery and his recently launched Laptop (LAPTOP) token.
Pro-Bitcoin Stance Has Grown More Explicit
The comments align with Biden’s previous crypto stance. In June, he wrote that “fiat is a sham, the banking class is corrupt” and said decentralized digital currency and blockchain represent the “inevitable future.” He has since said he accepts Bitcoin for his artwork and recently predicted Bitcoin could reach $220,000 by 2028.
Biden has therefore increasingly positioned himself as a Bitcoiner rather than a neutral observer of monetary policy. His LAPTOP memecoin, launched in September, also tied his public identity more closely to cryptocurrency.
Inflation Debate Extends Beyond Money Supply
His characterization of inflation, however, simplifies a more complicated relationship. The Federal Reserve says money supply can influence prices but is only one of many variables policymakers monitor. It defines inflation as a broad increase in prices and targets 2% inflation over the longer run, rather than zero inflation.
Recent inflation also reflects factors beyond money creation. The Fed’s July report cited supply shocks, including energy disruptions, while Bureau of Labor Statistics data showed consumer prices rose 3.4% year over year in August.
In an Unchained interview published days earlier, Biden acknowledged that central banks may have “potentially save[d] us from depressions and major recessions,” before arguing that post-2008 money creation contributed to persistent inflation.
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