Author of the news: Crypto Emergency
Well-known economist and long-time critic of cryptocurrencies Peter Schiff once again made sharp statements about Bitcoin in an interview with Coinage, while simultaneously raising his forecast for gold. According to him, the price of the precious metal could reach $7000 and higher, whereas Bitcoin, in his opinion, lacks fundamental value.
Schiff: "The theory that Bitcoin rises after gold is false"
Schiff stated that the idea popular among crypto enthusiasts — "first gold rises, then Bitcoin" — is not supported by real data. He noted:
• gold has been setting records since the beginning of 2024;
• the BTC/Gold pair shows a decline of more than 50%;
• Bitcoin, in his opinion, does not follow gold and is not its digital equivalent.
The economist called the promotion of BTC as "digital gold" the "biggest scam," claiming that the asset has no fundamental value.
Why Bitcoin rose to $100,000: Schiff's version
Schiff explained the rise of Bitcoin by two factors unrelated to technological progress:
1. Wall Street entered crypto for client profits
According to him, major financial companies do not believe in Bitcoin's properties but only use retail investors' demand to earn commissions and speculative profits.
2. Political factor
Schiff believes that Donald Trump's "pro-Bitcoin" position was aimed at attracting voters and crypto donors, which artificially fueled the price of BTC.
Criticism of Michael Saylor and MicroStrategy
Schiff also criticized one of the most well-known Bitcoin supporters — Michael Saylor. According to him:
• MicroStrategy spent billions on buying BTC,
• but the company's stock returns lag behind traditional indices, including S&P 500,
• the company's strategy resembles a "financial pyramid."
Schiff claims that Saylor "has trapped the company" where further growth depends on a constant influx of new investors.
What lies behind Schiff's statements
Peter Schiff is known for his long-standing criticism of Bitcoin and consistent defense of gold. His forecasts often spark controversy in the crypto community but reflect the viewpoint of some traditional economists who consider BTC a speculative asset.
Against the backdrop of gold rallying above $5000 and silver rising, his comments have once again attracted attention — especially during a period when the crypto market is experiencing heightened volatility.