Renowned Bitcoin [BTC] Critic Peter Schiff Takes Aim at the Leading Cryptocurrency, Questioning Its Status as “Digital Gold”

Renowned economist and Bitcoin [BTC] critic Peter Schiff has once again taken aim at the leading cryptocurrency, questioning its status as “digital gold.”

Renowned economist and Bitcoin (BTC) critic Peter Schiff has once again taken aim at the leading cryptocurrency, questioning its status as "digital gold" and suggesting that its role as an inflation hedge is weakening, especially as concerns over stagflonisation grow.

Schiff made his remarks in a series of posts on X, formerly Twitter, where he also expressed skepticism over the effectiveness of Strategic Bitcoin Reserve plans, hinting that they may not yield the intended results.

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

His comments come at a time when BTC has been 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.

However, critics were quick to slam Schiff for his comments. On-chain analyst Erik Huisman slammed the economist, stating that he is "still living in 3D."

"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 country will know best," he added.

Pointing out another interesting tidbit, Dan Held also mocked Schiff with his post featuring an image that said, 'I'm not sure what's more surprising. Peter Schiff buying Bitcoin or people being surprised by it.'

Additionally, 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. It appears that the economist is becoming more open to the cryptocurrency industry.

Only time will tell if Schiff's stance on BTC will change further with new developments in the crypto space and the broader financial markets.