Famous gold advocate and long-time Bitcoin critic Peter Schiff has once again stirred the crypto community, this time by questioning Bitcoin’s widely praised scarcity model.
Schiff’s recent post suggested that imagine Bitcoin had 21 billion coins instead of 21 million. But each coin would be made up of 100,000 satoshis instead of 100 million. The overall number of satoshis, the smallest unit of Bitcoin, would remain unchanged. He added, “The supply of Bitcoin is actually meaningless—it’s the satoshi supply that counts.”
One user responded, “If BTC had a 21 billion supply but each coin = 100K sats, nothing changes fundamentally.” This implies that the idea of scarcity can shift depending on how the units are framed. Peter Schiff agreed with that angle but used it to reinforce his usual criticism. “Bitcoin’s scarcity is about perception, not reality,” he said.
He implied that since the system can be re-framed in different ways without changing the total number of units, the idea of digital scarcity may not be as solid as many believe. Peter Schiff’s comments came just after Bitcoin reached a new all-time high of $118,856 on July 11, 2025.
Schiff also compared Bitcoin to precious metals, noting, “Gold has taken a temporary pause. Meanwhile silver is beating Bitcoin.” He emphasized that he holds silver too, reinforcing his view that physical assets offer more genuine scarcity than digital ones.
Also Read: Peter Schiff Still Hates Bitcoin Despite New Highs, Pushes Silver
