Renowned Bitcoin [BTC] critic Peter Schiff has once again taken aim at the leading cryptocurrency

Renowned economist and Bitcoin [BTC] critic Peter Schiff has once again taken aim at the leading cryptocurrency

Renowned economist and Bitcoin BTC critic Peter Schiff has once again taken aim at the leading cryptocurrency, this time questioning its status as “digital gold” and suggesting that its role as a hedge against inflation is weakening.

In his latest post on X, formerly Twitter, Schiff expressed skepticism over BTC's performance despite rising inflation. He stated, "They're shutting down the best company in the world, i.e., the Fed, and they're going to leave the worst company, i.e., some floundering S. American bank, to be cleaned up by the good company."

"Tariff uncertainty is adding to the pressure on financial markets. Gold hits record highs as Bitcoin crashes. Bye bye Strategic Bitcoin Reserve."

However, critics quickly slammed the economist's remarks, highlighting that his comments come as no surprise given his strong biases against the crypto space.

"People like Trump, Larry Fink and other intelligent people are all playing 4D chess while you just look at the daily price chart. Grow up Peter. Clearly people with a bit of sense in their brain see something that you miss. So who is wrong or right? I think the leaders of larger companies than a failed bank in some forgotten South American company will know best," on-chain analyst Erik Huisman remarked.

Moreover, in response to Schiff's post, Dan Held shared a post that included an image that said, "Everyone I know who bought Bitcoin at $1,000 is still up >1000% on their investment."

Further, in defiance of Schiff's claims, another X user- Juraj Bednar noted, "I can barely notice a dip. Mostly goes up in gold terms."

This highlights how Schiff's negative comment on Bitcoin is never well-appreciated by the crypto community. In fact, his remarks also look shocking considering the unexpected move that he had made just recently.

For those unaware, on his 62nd birthday, Schiff surprised many by expressing interest in holding BTC in a hardware wallet.

This new development unfolded after a persistent Bitcoin supporter, Dan Held, challenged Schiff to try and hold BTC for 60 days. In response, Schiff stated that he would be open to the experience if the users on X could manage to collect 10,000 "likes" on his post.

However, despite the post garnering over 33,000 "likes," Schiff later backed out of the 60-day challenge. Instead, he said that he would be willing to keep BTC in his hardware wallet if his post received 1 million "likes."

As that goal remains unfulfilled, it appears that Schiff's interest in BTC might be waning. This speculation arises as the renowned economist expressed skepticism over the Strategic Bitcoin Reserve plans, suggesting they might not yield the desired results.

Current market condition

That being said, Schiff's latest remarks come at a time when BTC is experiencing significant price fluctuations.

After briefly touching $88,000, the leading cryptocurrency saw a sharp correction, dropping to $83,000 before recovering slightly to $83,148.79, marking a 0.28% gain in the past 24 hours.

Therefore, Schiff's comments, combined with the volatile market conditions, have sparked speculation about whether his views on Bitcoin are softening or if this move is merely symbolic.