Bitcoin Critic Peter Schiff Reveals Two Assets Investors Prefer Over BTC

Prominent crypto critic Peter Schiff is challenging the notion that investors are blindly adopting Bitcoin (BTC) and the US dollar over other asset classes. Schiff argues that many individuals are instead turning to precious metals and stronger fiat currencies.

Investors Ditch Bitcoin and USD for the Swiss Franc, Says Peter Schiff

American economist Peter Schiff has argued that a rising number of investors are not enthusiastic about Bitcoin or the US dollar. In a post on X, Schiff explained that this investor demographic focuses on precious metals and stronger fiat currencies.

Schiff’s comments come in response to Anthony Pompliano’s claim that investors are primarily interested in Bitcoin and the USD. Pompliano argues that the increasing investor interest in Bitcoin is due to its meteoric growth compared to other asset classes.

However, Peter Schiff contends that a wide spectrum of individuals are choosing gold and silver over Bitcoin. Previously, he claimed that central banks are favoring gold over Bitcoin, highlighting the yellow metal’s continued dominance over crypto.

While Pompliano advocates for the USD, Schiff argues that the Swiss franc is more appealing due to its safe-haven status and lower inflation risk.

While the US Federal Reserve has expanded its money supply since 2008, the Swiss National Bank (SNB) has taken a more conservative approach. Additionally, Switzerland’s neutrality in geopolitical conflicts lowers the geopolitical risks associated with the Swiss franc.

The Numbers Tell a Different Story on Adoption Metrics

Notably, Bitcoin adoption metrics have surged to an all-time high in recent months, contrary to Peter Schiff’s claim. While retail investors have played a key role in adoption, institutions are driving figures to previously unseen highs.

Last week, 16 companies announced Bitcoin treasuries, continuing a month-long streak of heavy accumulation by corporations. Moreover, Bitcoin ETF inflows over the past five weeks have outperformed gold, indicating that a growing number of investors are shifting from precious metals to digital gold.

Among nation-states, enthusiasm for Bitcoin is reaching new heights, with a wave of Strategic Bitcoin Reserve proposals.

In the US, Representative Tim Burchett is proposing legislation to turn Trump’s executive order for a Strategic Bitcoin Reserve into law.

In the EU, Ireland, Ukraine, and Poland are also considering the creation of strategic reserves for the flagship cryptocurrency.