Peter Schiff Claims He ’Gets Bitcoin’—But Trashes USD Stablecoins, Teases Gold-Backed Crypto Alternative

Gold bug and crypto skeptic Peter Schiff just dropped a bombshell—he says he finally understands Bitcoin. But don’t celebrate yet, crypto bulls.

The outspoken economist doubled down on his disdain for USD-pegged stablecoins, calling them "a flawed concept" in a recent rant. Instead, he’s floating plans for his own gold-backed token—because nothing says ‘21st century finance’ like digitizing a 5,000-year-old store of value.

Schiff’s pivot raises eyebrows: Is this a genuine embrace of blockchain, or just another gold evangelist trying to stay relevant? Either way, his timing couldn’t be more ironic—just as institutional Bitcoin ETFs hit record inflows.

One thing’s clear: Wall Street’s old guard still can’t decide whether to fight crypto or co-opt it. Schiff’s gold token gambit? Probably both.