Peter Schiff Condemns Bitcoin as a ‘Total Scam’

Peter Schiff Condemns Bitcoin as a ‘Total Scam’

Peter Schiff, chief economist at Euro Pacific Capital, criticized Bitcoin as a “total scam” via Twitter on May 6, 2025.

Peter Schiff’s latest critique of Bitcoin reinforces his well-known skepticism about its intrinsic value, arguing it remains a speculative bubble . His stance remains popular among those favoring traditional investment avenues like gold and precious metals.

Bitcoin’s price, according to Schiff, results from U.S. government liquidity measures and artificially low interest rates. He maintains gold as the superior investment, contrasting it with Bitcoin’s volatile nature.

The reaction among crypto enthusiasts and traditional investors remains divided. While Schiff’s perspective resonates with some, others continue to support Bitcoin despite its price volatility.

Schiff describes Bitcoin as behaving more like a tech-stock, affecting its perception as a monetary instrument. Such critiques emerge as Bitcoin’s market price often mirrors technological stock patterns. Schiff declares, “Bitcoin trades more like a volatile tech stock than a stable monetary instrument.”

Investor sentiment shows a mixed response, with some market experts continuing to endorse Bitcoin. Their belief in its long-term potential contrasts Schiff’s resistant view.

Long-term impacts of Bitcoin’s role remain debated. If government monetary policies shift, Bitcoin’s market valuation could change. However, institutional interest and technological advancements may sustain Bitcoin’s relevance in a diverse financial landscape.

Disclaimer: The content on The CCPress is provided for informational purposes only and should not be considered financial or investment advice. Cryptocurrency investments carry inherent risks. Please consult a qualified financial advisor before making any investment decisions.