Peter Schiff Doubles Down: ’Bitcoin Bubble Will Burst’ as Crypto Defenders Clap Back

Gold bug turned crypto critic Peter Schiff just threw another grenade at Bitcoin—and the market's shrugging it off like a 10% dip. Here's why his doom-and-gloom take might be missing the bigger picture.

The Soundbite That Started It All

Schiff's latest rant dropped during a CNBC segment where he called Bitcoin 'a faith-based asset with no intrinsic value.' Cue the eye rolls from HODLers who've heard this tune since 2017.

Numbers Don't Lie (But Narratives Do)

While Schiff warns of impending collapse, Bitcoin's network hash rate hit another ATH this week—miners clearly aren't getting the memo. Meanwhile, spot BTC ETFs just crossed $50B in assets. Whoops.

The Cynical Take

Funny how gold-perma-bears become crypto experts when their preferred shiny rock underperforms for a decade. Schiff's Euro Pacific Bank collapsed in 2022, but sure—let's trust his financial foresight.

Love him or hate him, Schiff's antics highlight crypto's best feature: you don't need permission to disagree. Now if you'll excuse us, we'll be over here stacking sats.

Financial commentator Peter Schiff has sharply criticized the explanations used to justify the current Bitcoin bubble, comparing them to misguided statements made during the dot-com and real estate market bubbles. He described these rationalizations as among the “dumbest” ever and expressed strong skepticism about Bitcoin’s valuation and long-term sustainability. Schiff’s comments highlight the ongoing debate over whether Bitcoin’s price surge is supported by solid fundamentals or fueled by speculative mania.