Peter Schiff Calls Bitcoin a National Security Threat, Sparking Debate

Peter Schiff, a staunch supporter of gold and long-time critic of Bitcoin, has once again stirred controversy with his recent comments on the cryptocurrency.

In a post on X (formerly Twitter), Schiff labeled Bitcoin a “national security threat,” asserting that it is being used to bribe government officials. He further criticized the purchase of Bitcoin, calling it a waste of money, particularly when public funds are involved.

Schiff’s remarks reflect his ongoing concerns about Bitcoin’s growing influence, especially in the wake of its increasing institutional adoption and the emergence of Bitcoin ETFs. He argued that Bitcoin diverts resources from productive sectors, contributing to economic inefficiencies. Schiff also suggested that the U.S. government is squandering public funds by investing in Bitcoin, which he views as detrimental to the country’s financial stability.

As someone who has consistently championed gold as a safe haven investment, Schiff remains critical of Bitcoin’s rise, labeling it the “biggest bubble in history.” Despite this, Bitcoin’s market performance continues to defy his predictions, with its price and institutional backing steadily growing. This has prompted responses from figures like Nate Geraci, who sarcastically remarked on Schiff’s shifting views on Bitcoin.

The debate surrounding Bitcoin is intensifying, with critics like Schiff warning of its potential misuse and competition with traditional currencies, while advocates defend it as a hedge against inflation and a tool for financial innovation. Schiff’s comments have sparked reactions within the crypto community, with some dismissing his concerns and others echoing his warnings.

Despite his ongoing criticisms, Schiff’s views continue to hold sway with a portion of the public, adding further complexity to the debate over Bitcoin’s role in the global economy.