Why Does Peter Schiff Still Call Bitcoin a Speculative Asset Despite Recent Gains?
- Peter Schiff’s Relentless Bitcoin Skepticism
- The “Intrinsic Value” Debate: Gold vs. Bitcoin
- Volatility: A Feature or a Bug?
- Institutional Adoption vs. Schiff’s Warnings
- FAQ: Unpacking the Schiff-Bitcoin Feud
Bitcoin’s recent rally has reignited debates about its long-term viability as an investment. While many celebrate its upward trajectory, vocal critic Peter Schiff remains unconvinced, doubling down on his stance that bitcoin is purely speculative. This article dives into Schiff’s arguments, explores counterpoints from crypto advocates, and examines market data to unpack why this divide persists. Spoiler: it’s not just about the price charts.
Peter Schiff’s Relentless Bitcoin Skepticism
Gold bug and economist Peter Schiff has been a thorn in Bitcoin’s side for years. Even after BTC’s 2024-2025 bull run (peaking at $XX,XXX according to CoinMarketCap), he insists it lacks intrinsic value. “Bitcoin is a speculative bubble,” Schiff declared in a July 2025 interview, arguing that its volatility and detachment from traditional metrics make it unfit as a store of value. His skepticism isn’t new—he famously predicted its “demise” during the 2018 crash—but his consistency raises questions: Is he missing the bigger picture, or do his critiques hold water?
The “Intrinsic Value” Debate: Gold vs. Bitcoin
Schiff’s core argument hinges on intrinsic value. Gold, he notes, has industrial uses and millennia as a currency; Bitcoin, he claims, is “backed by nothing.” crypto proponents counter that scarcity (21 million BTC) and decentralized consensus give it value—akin to how fiat currencies derive worth from collective trust. A BTCC analyst remarked, “Schiff applies 20th-century frameworks to 21st-century tech. Network effects are the new gold mines.”
Volatility: A Feature or a Bug?
Bitcoin’s wild price swings are Exhibit A for Schiff. True, a 10% daily drop isn’t uncommon (TradingView data shows XX volatility index). But advocates argue this reflects growing pains. “Early Amazon stock swung wildly too,” notes crypto trader @BlockchainBarbie. The difference? Bitcoin operates 24/7, amplifying reactions to news like ETF approvals or Elon Musk tweets.
Institutional Adoption vs. Schiff’s Warnings
Despite Schiff’s warnings, institutional interest grows. BlackRock’s Bitcoin ETF hit $X billion AUM in 2025, and MicroStrategy holds XX,XXX BTC. Even JPMorgan, once skeptical, now offers crypto custody. “This isn’t 2017’s retail frenzy,” argues a BTCC markets report. Schiff retorts: “Tulips had institutional buyers too.” Ouch.
FAQ: Unpacking the Schiff-Bitcoin Feud
What’s Peter Schiff’s main issue with Bitcoin?
He views it as a speculative asset lacking intrinsic value, unlike Gold or productive equities.
How do crypto supporters rebut Schiff?
They highlight Bitcoin’s scarcity, utility as censorship-resistant money, and growing adoption as a treasury asset.
Has Schiff ever acknowledged Bitcoin’s strengths?
Not really. He occasionally concedes its tech is innovative but maintains it’s “not money.”
