Peter Schiff Criticizes Bitcoin’s Status As Digital Gold, Here’s All
Highlights
- Peter Schiff stated that the false narrative of Bitcoin being digital gold is being exposed.
- The economist suggested that the Strategic Bitcoin Reserve plan will not work out as planned.
- The Bitcoin price could rebound soon.
Bitcoin critic and Renowned economist Peter Schiff has again aimed a dig at the flagship crypto. This time, Schiff stated that Bitcoin’s status as digital gold is being exposed and suggested that the Strategic Bitcoin Reserve plans may not work out as planned.
Peter Schiff Criticizes Bitcoin’s Status As Digital Gold
In an X post, Peter Schiff stated that the false narrative that Bitcoin is digital gold is being exposed. He remarked that BTC’s growth is slowing as inflation rises and stagflation fears spread. The economist added that tariff uncertainty is adding to the pressure on financial markets.
Schiff, who is a gold proponent, took out time to praise the asset, alluding to the fact that it continues to hit record highs even as the Bitcoin price crashes. He then suggested that the Strategic Bitcoin Reserve might not work out as planned.
The Bitcoin critic also recently described the US Strategic Reserve as a crypto scam, which is misleading Americans. Peter Schiff blamed Trump for promoting Bitcoin and crypto-related projects. He argued that his influence could result in more Americans losing money.
Interestingly, Schiff had previously admitted that he understood the rationale for a Bitcoin Reserve. He added that he doesn’t agree with it, although he gets it.
The economist stated that the US has a gold reserve and that BTC is digital gold, which is better than analog gold. Meanwhile, in another post, he questioned why Bitcoin, as digital gold, is falling when the “real gold” is hitting record highs almost every day.
BTC Could Rebound Soon
Amid Peter Schiff’s statements, crypto analyst Ali Martinez suggested that the Bitcoin price could rebound soon. He revealed that BTC’s sell-side ratio just dropped to 0.086%. The analyst added that in the last two years, levels beyond 0.1% have signaled major price rebounds.
Long-term Bitcoin holders continue to accumulate amid this crypto market downtrend. In another post, Martinez revealed that holders have moved 650 Bitcoin worth over $55 million in the last few hours. Institutional holders like MicroStrategy also continue to accumulate. Saylor’s company recently acquired 6,911 BTC for $584 million.
- ChangeNOW’s Quiet Power Play in Helping Crypto Businesses
- Standard Chartered Sees Bitcoin Soaring to $200,000 by Year-End on ETF Boom
- Walmart’s OnePay App to add Bitcoin and Ethereum trading
- Tech Giant Samsung Taps Coinbase To Provide Crypto Access, Driving Adoption
- Bitget Joins UNICEF Game Jam To Train 300,000 Youths In Blockchain
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
