Bitcoin Skeptic Peter Schiff Advocates for Gold-Backed Stablecoins Over Dollar-Pegged Alternatives

In light of recent policy discussions surrounding stablecoins, prominent gold advocate and Bitcoin critic Peter Schiff has voiced strong opposition to U.S. dollar-pegged stablecoins, labeling the dollar as a "flawed fiat currency." Schiff argues that a gold-backed stablecoin would be a superior alternative, despite the growing traction of dollar-pegged options in regulatory frameworks. His comments come as the U.S. Senate passes a bipartisan bill aimed at regulating the stablecoin market, sparking renewed debate over the future of digital assets. Schiff's stance highlights the ongoing tension between traditional financial systems and emerging cryptocurrency innovations, with Bitcoin remaining a focal point of discussion. As of August 2025, the cryptocurrency market continues to evolve, with stablecoins playing an increasingly pivotal role in bridging the gap between fiat and digital currencies.

Peter Schiff Criticizes Dollar-Pegged Stablecoins, Advocates for Gold-Backed Alternative

Peter Schiff, a well-known gold advocate and Bitcoin skeptic, has taken aim at U.S. dollar-pegged stablecoins as they gain traction in policy discussions following the Senate's passage of a bipartisan regulatory bill. Schiff dismissed the dollar as a "flawed fiat currency" and argued for the superiority of a gold-backed stablecoin.

"I get Bitcoin, but not U.S. dollar stablecoins," Schiff remarked on X. "Why settle for a token tied to a flawed fiat currency when you can have one backed by gold? You retain liquidity while gaining a true store of value." Stablecoins, typically pegged to the dollar, are widely used in crypto trading for seamless entry and exit from positions, especially in markets with restricted access to fiat currencies.

When challenged to create a gold-backed stablecoin, Schiff hinted at existing solutions and suggested his own venture may be forthcoming. The debate underscores growing scrutiny of stablecoins as they intersect with traditional finance and monetary policy.

KindlyMD and Nakamoto Secure $51.5M for Bitcoin Investment

Utah-based telehealth firm KindlyMD has pivoted decisively toward Bitcoin, securing $51.5 million in a private investment round alongside Nakamoto Holdings. The capital raise, priced at $5 per share, was oversubscribed within 72 hours—a stark indicator of institutional appetite for bitcoin exposure despite macroeconomic headwinds.

The partnership brings the duo's total Bitcoin treasury commitments to $763 million. "Our strategy remains unchanged: raise capital, acquire Bitcoin," said Nakamoto CEO David Bailey. The merger between KindlyMD's healthcare platform and Nakamoto's crypto focus signals a growing trend of traditional firms allocating to digital assets as long-term holdings.

Coinbase CEO Advocates for Crypto Amid Global Economic Challenges

Coinbase CEO Brian Armstrong has underscored the critical role of cryptocurrency in addressing systemic financial issues, citing soaring debt, rampant inflation, and eroding trust in traditional institutions. U.S. federal debt now exceeds $36 trillion, while inflation continues to erode purchasing power globally. "The world needs crypto now more than ever," Armstrong declared, framing Bitcoin as a hedge against monetary debasement.

Bitcoin's recent all-time highs reflect growing demand for alternatives to centralized systems, he argued. Beyond speculation, Armstrong positioned crypto as foundational technology—accelerating settlements, enabling borderless payments, and empowering creators through disintermediation. The narrative aligns with Coinbase's mission to rebuild financial infrastructure, though regulatory hurdles remain unresolved.

ZachXBT Accuses Garden Finance of Laundering Bybit Hack Funds Amidst Rapid Growth

Garden Finance, a rising star in Bitcoin bridging solutions, reported staggering growth in Q2 2025—processing 24,984 BTC ($1.5B) across 40,571 atomic swaps while collecting 40.11 BTC in fees. Dune Analytics charts crown it "the fastest Bitcoin bridge" after metrics surged 300% quarter-over-quarter.

Blockchain investigator ZachXBT dropped a bombshell allegation mid-celebration, claiming the platform laundered proceeds from the $1.4B Bybit hack. The accusation followed founder Jaz Gulati's June 7 tweet flaunting record weekly fees—timing that raised eyebrows across crypto intelligence circles.

Texas Grants Legal Protection to Potential Bitcoin Reserve Under New Law

Texas has taken a decisive step toward cryptocurrency integration with Governor Greg Abbott signing House Bill 4488, legislation that shields specialized state funds—including a proposed Bitcoin reserve—from automatic dissolution. The MOVE positions Texas as a potential pioneer in formalizing Bitcoin's role within state financial infrastructure.

The bill specifically protects the hypothetical Texas Strategic Bitcoin Reserve, ensuring it WOULD remain intact even if established outside traditional treasury systems. This legislative framework arrives alongside Senate Bill 21, which would authorize Texas to invest exclusively in digital assets with market capitalizations exceeding $500 billion—a threshold currently met only by Bitcoin.

Other funds receiving protection under HB4488 include the Texas Advanced Nuclear Development Fund and Gulf Coast Protection Account, though the Bitcoin provision signals particular institutional interest in cryptocurrency. The dual-bill approach reflects methodical progression: first establishing legal safeguards, then enabling investment authority.

Bitwise CEO Warns of Two Key Risks to Bitcoin's Price Surge

Bitcoin's meteoric rise from $40,000 to over $100,000 has been fueled by spot ETF approvals and a pro-crypto political shift. Yet Bitwise CEO Hunter Horsley cautions that structural headwinds may temper further gains.

Institutional demand remains strong, with Bitcoin ETFs absorbing nearly $10 billion in Q2 inflows while Gold ETFs bled $15 billion. But Horsley identifies two threats: competition from high-growth altcoins and erosion of Bitcoin's 'digital gold' narrative among institutions.

The BTC/gold ratio shows Bitcoin's 34% outperformance since April has narrowed to just 10% in recent weeks. ETF flows—critical conduits for institutional capital—could pivot if risk-adjusted returns improve elsewhere.