In the latest Bitcoin news, economist Peter Schiff has once again criticized Bitcoin, calling it a speculative asset despite its recent 27% surge. Schiff, a well-known gold advocate, pointed to the Gold Miners Index’s 61% gain as evidence of gold’s superiority. This ongoing debate highlights the divide between traditional and digital asset investors.
Peter Schiff’s Critique of Bitcoin
Peter Schiff, founder of Euro Pacific Capital, has long been a vocal critic of Bitcoin. In his latest analysis, he dismissed Bitcoin’s role as “digital gold,” arguing that its scarcity is an illusion due to its divisibility into satoshis. Schiff emphasized Bitcoin’s volatility and energy-intensive mining process, labeling it a “decentralized Ponzi scheme.”
Gold Miners Outperform Bitcoin
Schiff highlighted the Gold Miners Index (GDX), which has surged 61% in 2025, outperforming Bitcoin’s 27% gain. He argues that gold’s physical utility and historical acceptance make it a more reliable store of value. This comparison challenges the narrative of Bitcoin as a safe-haven asset.
Bitcoin’s Speculative Nature
Despite Bitcoin’s price surpassing $120,000 in July 2025, Schiff remains skeptical. He views its all-time highs as evidence of a speculative bubble rather than intrinsic value. His critique extends to crypto-friendly legislation, which he believes undermines the U.S. dollar’s dominance.
The Future of Bitcoin in a Crisis
Schiff predicts that the 2025 financial crisis will expose Bitcoin’s fragility. He argues that cryptocurrencies lack intrinsic value and will falter during systemic shocks, unlike gold. Critics, however, point to Bitcoin’s decentralized nature and growing institutional adoption as counterarguments.
FAQs
Q: Why does Peter Schiff criticize Bitcoin?
A: Schiff views Bitcoin as a speculative asset with no intrinsic value, contrasting it with gold’s physical utility.
Q: How has the Gold Miners Index performed compared to Bitcoin?
A: The GDX has gained 61% in 2025, outperforming Bitcoin’s 27% surge.
Q: What does Schiff predict for Bitcoin during a financial crisis?
A: He believes Bitcoin will collapse due to its lack of intrinsic value, while gold will thrive.
Q: Does Schiff own any Bitcoin?
A: He acknowledges a “Strategic Bitcoin Reserve” in his portfolio, but it is managed by donors and will never be sold.
