Bitcoin Critic Peter Schiff Is Back at It, Using Recent Market Swings to Fuel His Argument

Peter Schiff, one of Bitcoin's loudest critics and a long-time gold advocate, is back at it, using recent market swings to fuel his argument.

Peter Schiff, a vocal critic of Bitcoin and a staunch supporter of gold, used recent market movements to highlight his preferred asset class.

As Bitcoin slid 7% from its recent peak—which came right after Trump’s ‘Liberation Day’ speech—Schiff noted that gold, the real “store of value,” hit a record high, surging past $3,160.

For him, the message was clear: Gold remains the ultimate safe haven, while Bitcoin is just another volatile gamble.

Bitcoin is now leading risk assets lower. It's already down 7% from the high that it hit shortly after Trump began his Liberation Day speech. Meanwhile, gold, a true safe haven and store of value, is up another $30, trading in new record territory above $3,160.

Schiff’s latest attack came in the wake of MicroStrategy’s stock (MSTR) taking an 11% hit on March 28. The company, led by Bitcoin evangelist Michael Saylor, has become synonymous with institutional Bitcoin adoption. Seeing the drop as an opportunity, Schiff took to X (formerly Twitter) to question just how many Bitcoin believers were truly in it for the long haul.

“During an interview, @saylor said he was prepared to ride Bitcoin to zero. How many other HODLers are also prepared to ride Bitcoin to zero? I wonder how many $MSTR shareholders are willing to ride it to zero. Is being prepared to ride Bitcoin to zero better than being surprised?” he tweeted.

Peter Schiff has long dismissed Bitcoin as nothing more than a speculative bubble, insisting it holds no real-world utility and thrives purely on hype. In his eyes, it doesn’t compare to gold, which has maintained its value for centuries due to its industrial use and natural scarcity.

If $Trump can be viewed as a referendum on Trump’s popularity, the president has a problem, as his meme coin is now trading below $9, down 88% from its peak price hit on Jan. 19th, the day following its launch.

Peter Schiff pointed out the irony—amid all the talk about Trump and tariffs, Trump’s memecoin isn’t surging. In fact, it’s dropped below $9. If $TRUMP is any indicator of his popularity, that’s bad news for the former president. The coin is now down 88% from its peak on Jan. 19, just a day after launch.

Recently, he also took aim at BlackRock CEO Larry Fink, who suggested Bitcoin could serve as a hedge against the U.S. dollar. Schiff wasn’t convinced, calling it a blatant marketing ploy to push BlackRock’s Bitcoin ETF.

Peter Schiff has long slammed Bitcoin as a speculative bubble with no real utility, unlike gold, which he values for its industrial use and scarcity. He recently dismissed BlackRock CEO Larry Fink’s claim that Bitcoin could hedge against the U.S. dollar, calling it a marketing ploy for their ETF.

Schiff sees Bitcoin as a risky bet, while gold stays steady as a safe haven with real use. Bitcoin supporters argue its fixed supply and decentralization give it value, just like gold, which they say is also perception-based.

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