Bitcoin Skeptic Schiff Admits Crypto’s Utility—But Still Won’t Touch It

Peter Schiff—the gold bug who’s made a career out of bashing Bitcoin—just conceded the digital asset might actually have merit. Just don’t expect him to buy any.

The outspoken critic, whose bearish crypto takes are as predictable as a Wall Street bonus season, acknowledged Bitcoin’s functionality in a recent statement. No specifics were given—typical for a guy who treats crypto transparency like a vampire treats sunlight.

Schiff’s backhanded compliment lands as Bitcoin continues to defy its naysayers, with institutional adoption surging and Layer 2 solutions slashing transaction costs. Meanwhile, gold’s yearly returns look about as exciting as a spreadsheet.

Funny how the 'barbarous relic' crowd keeps moving goalposts. First Bitcoin was useless, then it was a bubble, now it’s… useful but not for them? Classic hedge—just like their inflation-adjusted portfolio returns.