Peter Schiff Criticizes Bitcoin, Endorses Gold at Conference

At the Bitcoin 2025 event in Las Vegas, Peter Schiff called Bitcoin a “pyramid scheme” and a “giant cult.” He noted his criticism might inadvertently persuade people to own more Bitcoin, reflecting both his disbelief in cryptocurrencies and his influence.

Peter Schiff, a notable cryptocurrency skeptic, delivered his remarks amid intense debate on digital assets. His commentary aligns with his historic advocacy for gold, continuing his narrative that diminishes Bitcoin’s financial role.

The community’s reaction to Schiff’s comments has been mainly dismissive, with many mocking his views. Bitcoin enthusiasts on Twitter and Reddit remain critical, viewing his statements as out of touch with modern financial innovation.

Financially, Schiff’s comments haven’t triggered measurable shifts in market or on-chain activity. Gold proponents, however, support his view of gold as a stable reserve asset , aligning with his promotion of precious metals over cryptocurrencies.

Peter Schiff, CEO, Euro Pacific Capital, – “Every time I advise people against purchasing Bitcoin, they end up buying more. I might actually be the reason more individuals own Bitcoin than anyone else at this event.” — CoinDesk

Historically, Peter Schiff’s negative comments on Bitcoin coincide with increased public debate but not lasting financial impact. Traditional finance figures often voice skepticism during crypto volatility, potentially impacting sentiment but not overall market momentum.

Potential outcomes of Schiff’s remarks could include more divisive conversations in financial circles. While continued central bank accumulation supports gold, cryptocurrencies maintain a foothold in highly speculative markets, unaffected by critics like Schiff.