Peter Schiff’s “Ridiculous” Take on What’s Worse Than Bitcoin: The Gold Bug Who Can’t Stop Fueling Crypto Conversations
In the ever-evolving world of cryptocurrency, debates between Bitcoin believers and skeptics never lose steam. But few critics have been as vocally persistent, polarizing, and ironically influential as Peter Schiff.
Schiff, a veteran economist, staunch gold advocate, and CEO of Euro Pacific Capital, has become a lightning rod in the digital asset community. His consistent dismissal of Bitcoin—coupled with colorful commentary—has earned him both ridicule and relevance. Most recently, Schiff made headlines once again by declaring that “some things are actually worse than Bitcoin,” sparking a new wave of backlash and engagement from both crypto defenders and fellow skeptics.
So what exactly did he say? Why does he keep doubling down on his anti-Bitcoin rhetoric? And how does his presence affect the broader narrative of crypto adoption and opposition?
This deep-dive explores Schiff’s latest statements, the psychology behind his criticism, the community’s response, and why—despite being a bear—he remains a strangely important figure in the Bitcoin bull story.
The Latest Take: “Worse Than Bitcoin?”
In a May 2025 interview with a conservative financial media outlet, Peter Schiff shared his latest Bitcoin bombshell:
“I used to think Bitcoin was the bottom of the barrel when it came to speculative mania. But now we’re seeing digital meme stocks, AI pump tokens, and celebrity-backed NFT nonsense. Some of this stuff is even worse than Bitcoin—and that’s saying something.”
This comment, dripping with sarcasm and contempt, quickly made the rounds on social media. Crypto enthusiasts were quick to fire back, noting the irony of Schiff calling out speculative assets while continuing to deny the value proposition of Bitcoin itself.
The broader crypto audience interpreted this as yet another example of Schiff’s inability—or unwillingness—to acknowledge Bitcoin’s staying power. But even detractors admitted that Schiff’s comments, while incendiary, force necessary discussions about risk, value, and long-term utility.
Schiff vs. Bitcoin: A Decade-Long Grudge Match
Peter Schiff’s skepticism isn’t new. He’s been criticizing Bitcoin since its early days, often citing it as a speculative bubble with no intrinsic value. Schiff’s central thesis is that Bitcoin is neither a reliable currency nor a safe store of value—and that its value is driven purely by hype and speculation.
Key Milestones in Schiff’s Anti-Bitcoin History:
- 2013: Declared Bitcoin a “fad” that would fade into irrelevance.
- 2017: Compared the BTC bull run to the dot-com bubble.
- 2020: Argued that institutional adoption was temporary and misguided.
- 2021–2023: Repeatedly forecast a “collapse to zero.”
- 2024: Claimed Bitcoin’s survival is only due to “irrational faith and central bank mistakes.”
Despite his dire predictions, Bitcoin has not only survived—it has thrived. Yet Schiff hasn’t relented, often pointing to Bitcoin’s volatility and environmental concerns as validation of his thesis.
Schiff’s Core Arguments Against Bitcoin
To understand Schiff’s stance, it’s important to unpack his major criticisms of Bitcoin:
1. Lack of Intrinsic Value
Schiff argues that Bitcoin, unlike gold, cannot be used for anything tangible. He insists that its value is purely based on perception and market psychology.
“Gold has utility. It’s used in electronics, jewelry, and industry. Bitcoin is just code—it doesn’t do anything.”
2. Volatility and Instability
He often highlights Bitcoin’s price swings as proof that it can’t serve as money or a store of value. He also ridicules claims that BTC is “digital gold,” suggesting it fails every test of long-term stability.
3. Regulatory Risk
Schiff frequently points to the regulatory uncertainty surrounding crypto, especially in the U.S., as a major liability for Bitcoin investors.
4. No “Real” Ownership
He has claimed that digital assets, because they rely on private keys and third-party exchanges, do not offer true ownership compared to holding physical gold.
5. Environmental Concerns
Citing Bitcoin’s energy consumption, Schiff argues it’s inherently wasteful compared to gold mining, which he views as a necessary and sustainable industry.
Crypto Community Claps Back
Despite Schiff’s criticisms, Bitcoin advocates rarely ignore his commentary. In fact, his presence on social media often serves as a catalyst for renewed optimism, spirited rebuttals, and—ironically—more attention for Bitcoin itself.
Notable Community Responses:
- Michael Saylor: “Peter, gold is a rock. Bitcoin is energy, information, and truth.”
- Anthony Pompliano: “Every time Schiff tweets, Bitcoin gets stronger.”
- Willy Woo: “He’s the best contrarian indicator in the space.”
Schiff’s track record of incorrect predictions has become meme material. For many Bitcoiners, his resistance is no longer frustrating—it’s expected. Some even consider him a “mascot of the old financial guard.”
Schiff’s Twitter/X Engagement: A Paradox
Interestingly, Schiff’s critiques generate massive engagement across platforms. His tweets often go viral—boosted by both supporters and critics. This engagement has turned him into a crypto influencer in his own right, albeit from the opposition bench.
Stats Snapshot (May 2025):
- Followers: Over 1.5 million.
- Average engagement per tweet: 20K+ likes/comments.
- Podcast views on BTC topics: Over 10 million combined.
This makes Schiff an invaluable contributor to the crypto discourse—not because of agreement, but because of the contrast he provides.
The Irony: Schiff’s Own Son Owns Bitcoin
Adding to the drama, Peter Schiff’s son, Spencer Schiff, is a self-declared Bitcoin maximalist. This has led to public family debates, including multiple tweet exchanges where Spencer defends Bitcoin while criticizing his father’s refusal to acknowledge changing economic dynamics.
In one viral post, Spencer wrote:
“Love my dad, but he’ll be the last person to adopt Bitcoin—right after every central bank does.”
This generational clash further underscores how Bitcoin is disrupting traditional investment mindsets—even within families.
Gold vs. Bitcoin: The Never-Ending Comparison
At the heart of Schiff’s crusade is his allegiance to gold. For decades, he has championed it as the ultimate hedge against inflation and monetary debasement. But Bitcoin has been called “gold 2.0” by many prominent investors, including billionaire Paul Tudor Jones.
Comparative Performance (2010–2025):
- Gold: ~+60%
- Bitcoin: ~+1,000,000%
Despite these numbers, Schiff remains unmoved. He argues that Bitcoin’s performance is a bubble and that true value lies in resilience, not returns.
But the data doesn’t lie: even with volatility, Bitcoin has significantly outperformed gold in nearly every long-term window.
Why Schiff Still Matters in the Bitcoin Conversation
It might be tempting to dismiss Peter Schiff as a relic of a bygone era. But doing so would ignore the value he adds—whether intentional or not.
1. He Represents Traditional Finance Skepticism
Schiff gives voice to millions of conservative investors who still see Bitcoin as dangerous. This helps the crypto community understand and address mainstream concerns.
2. He Strengthens Bitcoin’s Narrative
By providing a consistent stream of criticism, Schiff inadvertently reinforces Bitcoin’s staying power. Every time Bitcoin survives one of his doom forecasts, its credibility grows.
3. He Forces Tough Questions
Schiff’s critiques push Bitcoiners to refine their arguments and confront real issues—like regulation, environmental impact, and security.
Bitcoin in 2025: Still Standing, Still Growing
In 2025, Bitcoin is not only surviving—it’s expanding. Institutional adoption has grown. ETFs are booming. Countries continue exploring Bitcoin integration. And despite high-profile critics like Schiff, Bitcoin’s market cap hovers near $1.3 trillion.
Schiff’s continued resistance hasn’t stopped any of this progress. If anything, it’s helped sharpen the focus on what matters.
Conclusion: Schiff the Critic, Bitcoin the Survivor
Peter Schiff may never change his mind about Bitcoin—and that’s okay. In a strange twist of fate, his presence in the conversation adds balance, friction, and even credibility to Bitcoin’s maturation.
His latest claim—that “some things are worse than Bitcoin”—isn’t just a jab at digital assets. It’s a tacit acknowledgment of Bitcoin’s place in the financial hierarchy. He still may not like it, but he can no longer ignore it.
And neither can the world.
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