Peter Schiff is back at it again—sharpening his tongue against Bitcoin, his arch nemesis. The longtime gold advocate and outspoken crypto critic recently took center stage on an X Spaces podcast and launched a fiery attack on Bitcoin and its biggest corporate cheerleader, Michael Saylor.
In true Schiff fashion, he didn’t hold back.
Schiff called Bitcoin a “fraud,” claiming its entire marketing as “digital gold” is misleading. According to him, Bitcoin doesn’t behave anything like the precious metal it’s often compared to.
“The idea that it’s digital gold has been destroyed,” he said. “It trades nothing like gold. It’s just some kind of risky asset.”
Schiff believes Bitcoin was sold as a stable, value-preserving asset, like gold, but instead behaves more like a volatile tech stock. And unlike a tech stock, he says, Bitcoin doesn’t even come with the promise of future earnings.
“At least a tech stock has the potential to make money. What purpose does Bitcoin serve?” he asked.
For Bitcoin supporters, though, the answer is simple: it’s a decentralized alternative to traditional finance. It doesn’t need to generate revenue—it just needs to work. And over the past 15 years, it’s proven itself as a tool for borderless payments, inflation protection, and self-custody of wealth.
But Schiff didn’t stop at Bitcoin. He set his sights on Michael Saylor’s company, Strategy (formerly MicroStrategy), which now holds a staggering 531,644 BTC. That’s over $35 billion worth of Bitcoin at current prices.
Schiff predicts this will all end badly. In his words, Saylor’s firm is “probably going bankrupt” because of its extreme exposure to BTC. Ironically, though, Saylor isn’t showing any signs of slowing down—in fact, Strategy just keeps buying more.
And here’s the kicker: while Schiff insists Bitcoin is a house of cards, the asset has soared more than 36% over the past year. Since 2010? The increase is a staggering 2.82 billion percent. Compare that to gold’s modest gains, and Schiff’s “fraud” is still outperforming his favorite metal by miles.
So, is Bitcoin a high-risk asset? Sure. But if it’s a fraud, it might just be the most successful one ever.
Also Read: 2008 Made Bitcoin—2025 Will Kill It, Says Peter Schiff
