Bitcoin Faces Criticism as Peter Schiff Labels It a ’Giant Cult’ at Bitcoin 2025 Conference

At the Bitcoin 2025 conference in Las Vegas, prominent gold advocate and Bitcoin critic Peter Schiff delivered a harsh critique of the cryptocurrency, calling the Bitcoin community a "giant cult" and comparing Bitcoin to a "memecoin." Schiff reiterated his longstanding belief that Bitcoin lacks intrinsic value, contrasting it with gold, which central banks continue to accumulate. Despite the bearish sentiment from traditional finance figures like Schiff, the cryptocurrency community remains bullish, viewing such criticisms as part of the ongoing evolution and adoption of digital assets. The event highlighted the polarizing views on Bitcoin's role in the future of finance, with proponents emphasizing its decentralized nature and potential as a hedge against inflation. As of July 2025, Bitcoin's market resilience and growing institutional interest suggest that the debate over its value is far from over.

Peter Schiff Dismisses Bitcoin as 'Giant Cult' at Bitcoin 2025 Conference

Peter Schiff, the outspoken gold advocate and Bitcoin critic, delivered a scathing assessment of the cryptocurrency during his appearance at the Bitcoin 2025 conference in Las Vegas. He labeled the Bitcoin community as "a giant cult" and compared the digital asset to a "memecoin," reiterating his long-held view that Bitcoin lacks intrinsic value.

Schiff pointed to central banks' continued accumulation of Gold as evidence of its enduring status as the premier reserve asset, contrasting it with Bitcoin's speculative nature. His remarks came in direct opposition to U.S. Vice President J.D. Vance's earlier praise of Bitcoin's wealth creation over the past decade. Schiff countered that Bitcoin's rise represents a wealth transfer rather than genuine value creation, describing it as a "pyramid structure."

The audience reaction was mixed, but Schiff remained steadfast in his critique, attributing Bitcoin's price movements to HYPE rather than economic fundamentals. His appearance at the conference underscored the ongoing debate between traditional asset proponents and cryptocurrency enthusiasts.

Bitmain's New Antminer Launch Signals Profound Shift for Bitcoin Miners

Bitmain unveiled its Antminer S23 Hydro at the World Digital Mining Summit, setting a new benchmark with an energy efficiency of 9.7 joules per terahash. Slated for release in early 2026, the rig marks a stark contrast to the 1,200 J/TH consumption of early ASIC miners in 2013.

The launch arrives amid strained mining economics. Bitcoin's surge past $100,000 hasn't translated to proportional miner profitability, with hashprice languishing below $39/PH/s. Major firms are halting hashrate expansions as margins compress.

This efficiency leap may catalyze an industry first: declining network power consumption. Rather than expanding capacity, miners are likely to deploy next-gen rigs like the S23 Hydro to replace outdated fleets. A tectonic shift from growth to optimization is underway.

Crypto Is Not an Asset Class — It's an Asset Universe

Institutional adoption of cryptocurrency is accelerating, yet most investors remain fixated on passive bitcoin exposure through ETFs. The real opportunity lies in recognizing crypto as a multifaceted asset universe, according to Fabian Dori, Chief Investment Officer at Sygnum Bank.

Yield-generating strategies, directional plays, and hedge fund-style alpha opportunities are being overlooked. Moody's recent warning about public blockchain risks contrasts sharply with the billions flowing into U.S. Bitcoin ETFs, highlighting the market's transitional phase.

Abhishek Pingle of Theo notes risk-averse investors can approach DeFi through tokenized money market funds and other low-volatility instruments. The institutional playbook is evolving beyond monolithic Bitcoin bets to incorporate structured yield products and alternative strategies.

Gold Faces Surprise Exit: Why Bitcoin Is Now the Top Pick for Wealth

Bitcoin ETFs have surged with over $9 billion in inflows during the past five weeks, while gold-backed ETFs bled $2.8 billion. The divergence underscores a seismic shift in investor preference, with Bitcoin now held by 50 million Americans—outpacing gold's 37 million holders.

The cryptocurrency recently notched a record high of $119.9K, capping a meteoric rise from $13 in 2012. Institutional adoption, particularly through BlackRock's IBIT ETF, has cemented Bitcoin's role as a portfolio staple. Market dynamics suggest this rotation from traditional stores of value is accelerating.

Macroeconomic trends and ETF momentum are reinforcing Bitcoin's dominance. As capital flees gold, the digital asset's structural advantages—scarcity, portability, and institutional backing—are drawing sustained demand. The numbers speak plainly: Bitcoin isn't just competing with gold; it's supplanting it.

GameStop's $513M Bitcoin Investment Signals Institutional Crypto Adoption Surge

GameStop has confirmed a $513 million Bitcoin investment, leveraging convertible note proceeds to build a long-term position. The MOVE mirrors Michael Saylor's corporate Bitcoin accumulation strategy, reflecting growing institutional demand.

Global Bitcoin adoption accelerates beyond corporations, with Pakistan announcing a strategic reserve and ETF inflows hitting $5.77 billion in May - the highest since November 2021. This institutional arms race creates tailwinds for broader crypto markets.

BTC Bull Token emerges as a novel vehicle for exposure, offering free Bitcoin distribution amid soaring demand. The token capitalizes on the dual trends of institutional accumulation and retail participation.

UK Leader Plans New Crypto Bill to Position Britain as 'Crypto Powerhouse'

Nigel Farage, leader of Reform UK, is set to unveil a bold cryptocurrency bill if his party secures victory in the upcoming general election. The proposal, first shared with media ahead of its official announcement at the Las Vegas Bitcoin conference, aims to slash capital gains tax on crypto from 24% to 10% and establish a two-year regulatory sandbox for innovation in London.

The bill WOULD also prohibit banks from closing accounts solely based on cryptocurrency use—a move targeting the UK's estimated seven million crypto holders. Reform UK frames the policy as a direct appeal to tech-savvy voters aged 18-34, claiming legacy parties have failed to address this demographic. "It's time for Britain to lead again," the party declared in a statement obtained by Bloomberg.

This marks Reform UK's first fully drafted legislation as part of its policy platform, signaling Farage's ambition to transition the party beyond protest politics. The detailed proposal will be presented to journalists at a Friday breakfast briefing in London's financial district.