Bitcoin hit a new record of $123K today, but not everyone is impressed with it. In a recent tweet on X, Peter Schiff, economist and longtime Bitcoin critic, said that “Bitcoin demand has shifted to treasury companies and speculators looking to front-run that buying.” “This is a Ponzi built on a pyramid,” he said.
He explained that Bitcoin is no longer about real use or value, but has become a game for big companies and speculators, and it has moved away from the original idea of being a decentralized currency. “It’s not about broadening Bitcoin adoption — it’s about wild centralized speculation that undermines Bitcoin’s foundational principles,” Schiff said.
As Bitcoin’s price continues to climb high, Schiff also said that now is the best time for investors to leave the Bitcoin market. He has been a strong critic of Bitcoin and believes ‘Bitcoin is a bubble that is waiting to burst,’ and advised investors to move to silver while it’s still cheap.
Schiff has always been a supporter of silver and gold instead of cryptocurrencies. He believes these precious metals are more reliable and safe with room to grow.
Moreover, silver price recently crossed $38 per ounce, which is the highest since 2011. Schiff believes silver will soon reach $50. He also said silver mining stocks are still cheap and offer big potential gains with less risk than Bitcoin.
However, silver has also surged about 4% last week, while Bitcoin went up over 12% over the same period. Still, Schiff believes silver will catch up. Schiff argued that silver’s upside is stronger and its downside risk is lower. He added that silver mining stocks are still trading below value and haven’t priced in the coming rally.
Schiff also said that Bitcoin’s supply limit of 21 million coins does not make it special. He said if Bitcoin had 21 billion coins instead, people would not see it as rare.
But despite all this warming, more than 100 public companies now hold Bitcoin, including Strategy and BlackRock’s spot ETF (IBIT), which together own nearly 6% of the total supply. Other firms, like Metaplanet, Remixpoint, and Germany’s Nakiki SE, are also buying in.
Schiff has warned before that “the financial crisis of 2025 will kill Bitcoin.” In March, he predicted Bitcoin would fall to $65,000. Instead, it surged over 60% since then, outperforming silver, gold, and traditional markets.
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