Crypto critic Peter Schiff once again sparked debate with his stark criticism of Bitcoin (BTC).

Peter Schiff's Bitcoin skepticism centers around the cryptocurrency's high volatility and inherent risks. Let's unveil the economist's long-held thoughts on BTC and explore the reasoning behind his persistent criticism of the cryptocurrency.

Crypto critic Peter Schiff has once again sparked debate with his stark criticism of Bitcoin (BTC). In his recent X post, Schiff debunked the notions of ‘digital gold,’ reinforcing his skepticism about BTC.

Specifically, Peter Schiff’s Bitcoin skepticism centers around the cryptocurrency’s high volatility and inherent risks. Let’s unveil the economist’s long-held thoughts on BTC and explore the reasoning behind his persistent criticism of the cryptocurrency.

Peter Schiff Spots Bitcoin’s Risky Nature

In a recent development, economist Peter Schiff, a known critic of BTC, expressed his open skepticism about the cryptocurrency. Taking to X, Schiff addressed Bitcoin as a “digital risk,” debunking the notion of a “digital gold.”

“So why would anyone suggest holding it [Bitcoin] in a strategic reserve? This narrative is crumbling as fast as the story that Trump was going to close the trade deficit with China,” wrote Schiff.

For instance, US President Donald Trump has signed an executive order to establish a strategic Bitcoin reserve. Globally, several countries are planning to launch similar initiatives.

Is Bitcoin a Digital Gold?

In addition to Peter Schiff’s latest dismissal of Bitcoin’s reputation as digital gold, he has slammed the notion multiple times. Recently, the economist described the idea of Bitcoin as digital gold as a “false narrative.” He noted in an X post:

The false narrative that Bitcoin is digital gold is being exposed. Growth is slowing, inflation is rising, as stagflation fears spread. Tariff uncertainty is adding to the pressure on financial markets. Gold hits record highs as Bitcoin crashes. Bye bye Strategic Bitcoin Reserve.

Furthermore, Schiff predicted Bitcoin’s potential crash to $10,000 amid the recent market correction. He questioned the crypto’s ability to sustain itself in the long term, especially when compared to gold.

Despite these criticisms, BTC remains the largest crypto asset, with a market cap of $1.68 trillion. While trading at $85k, much below its new all-time high of $108k, analysts remain optimistic about its potential to surge to $120k and beyond.