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Bitcoin naysayer Peter Schiff recently voiced his disapproval of the US’s present high inflation rates. Saying that policies put in place before Biden was president are to blame. Since the consequences of Biden’s actions will not be realized for at least a few more months. Schiff pointed out that there
Popular Bitcoin critic Peter Schiff dismisses claims of growing institutional interest in the maiden cryptocurrency. Schiffs challenging statement comes following the recent Bitcoin market sell-off which resulted in a 10% price decline on Friday. Related Reading: Market Expert Predicts When Bitcoin Price Will Reach Its Cycle Highs Peter Schiff Claims Little Institutional Demand For Bitcoin According to blockchain analytics platform Lookonchain, the German and US governments, and defunct crypto exchange Mt. Gox have moved a combined 17,788 Bitcoin valued at $1.08 billion to exchanges since June 19. In particular, the German government has sold parts of its BTC holdings every day since the start of July transferring out a substantial 3,000 BTC, worth around $175 million, on Thursday. The constant sell-off by the German and US authorities coupled with Mt. Gox repayments to creditors which are expected to be sold, soon resulted in massive selling pressure on BTC, forcing the tokens price down from $60,097 on Thursday to as low as $53,971 on Friday. Commenting on this event, Schiff stated in an X post on Saturday, that Bitcoins price slump demonstrated that the institutional demand for the market leader was overestimated. While the Bitcoin critic acknowledged that market sell-off contributed to the assets decline, he also emphasized the absence of a high institutional demand, which if existed, should jump at the chance to buy the massive amount of Bitcoin that has been sold. Schiffs comments are likely targeted at popular sentiments that Bitcoins institutional demand has been on the rise following the introduction of the Spot Bitcoin ETFs in January. Notably, the market leader embarked on an upward trend in the first quarter of 2024 rising to a new all-time high of $73,750, a development which coincided with the rapid growth of the Spot Bitcoin ETF market which hit a $10 billion trading volume in March. Related Reading: Bitcoin Woes Not Over? Analyst Predicts Further Crash To $47,000 Bitcoin Poised For Market Rebound, Analyst Says In other news, popular crypto analyst Rekt Capital has postulated that Bitcoin may be preparing for a market recovery following the recent price dip. In an X post on Saturday, Rekt Capital noted that Bitcoin closed its daily trading above $56,750 allowing the token to continue to remain within the range low area of $60,600. According to the analyst, if BTC continues to cluster around the price region, it could soon launch a price rebound reaching as high as $71,000. At the time of writing, the premier cryptocurrency continues to trade at $58,189 with a 2.45% increase in the last day. However, BTCs daily trading volume remains down by 63.35% and is valued at $20.61 billion. Featured image from Market Insider, chart from Tradingview
In what was billed as the "biggest bitcoin vs gold debate in history," and moderated by Ran of Crypto Banter, the event featured four financial heavyweights squaring off to argue the merits and flaws of bitcoin and gold as potential future stores of value and mediums of exchange.
In one corner were the bitcoin backers - Eric Voorhees, an early bitcoin adopter and founder of ShapeShift, and Anthony Scaramucci, founder of SkyBridge Capital and former White House spokesman. They championed bitcoin as a revolutionary, decentralized digital currency outside government control.
"Bitcoin is radical, it's rebellious, it's non-compliant, it's American," Scaramucci proclaimed. Voorhees added "Anything that moves the world away from centralized control of money to market-based control of money is something I would be in favor of."
In the other corner were gold advocates Peter Schiff, CEO of Euro Pacific Asset Management who famously predicted the 2008 housing crash, and economist Nouriel Roubini. They argued bitcoin has no intrinsic value and is essentially "digital fools gold."
"Bitcoin can't do anything that gold can do...You can't have digital gold, you can't make jewelry out of it," Schiff stated. Roubini bluntly called bitcoin "a damned speculative asset - that's it."
Schiff and Roubini repeated the same anti-crypto talking points they've been saying for the last 10 years... unfortunately, in 7 out of those 10 years Bitcoin outperformed all other investments.
How can anyone with a track record that includes 7 years of advising investors to avoid the most profitable investment still be taken seriously?
The intense 2+ hour debate covered a wide range of topics around modern monetary theory, inflation, the economic outlook, role of governments, and the fundamental value propositions of bitcoin vs gold.
Voorhees and Scaramucci made the case that bitcoin's fixed supply of 21 million coins and properties like pseudo-anonymity give it immense value as "a non-debasable monetary commodity." As Scaramucci said, "We took [the working class] from aspirational to desperation in 35 years" due to currency inflation.
However, Schiff and Roubini countered that bitcoin fails all the tests of being a true currency. "It's not a unit of account, not a scalable means of payment, and not a stable store of value...it can never be money," Roubini argued.
While no minds seemed changed by the intense back-and-forth, it encapsulated the broader ideological battle between bitcoin's freedom philosophy and gold's traditional role.
With bitcoin's market cap over $1.2 trillion, this debate is no longer hypothetical. Its outcome will shape monetary systems, investing, privacy and decentralization for years ahead.
I tried my best to summarize the debate that ran slight over 2 hours long, but if you want to see every minute for yourself, you can view an archive of the live stream on Crypto Banter's Youtube Channel.
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Author: Oliver Redding
Seattle Newsdesk /
In his latest screed against Bitcoin and crypto, Peter Schiff went on the offensive against the e-gold theory of their value. He compared recent gold prices and BTC price changes.
As the price action of Bitcoin continues to attract crypto investors’ interest, Michael Van De Poppe, a well-known market analyst and trader in a bearish scenario has made a worrying prediction, warning the community of a potential drop in price for the crypto asset to the $52,000 level. Bitcoin Poised For A Possible Decline Michael Van De Poppe’s prognosis explores the factors that are driving the gloomy view of Bitcoin‘s price trajectory, in the midst of market turbulence and uncertainty. Related Reading: Bitcoin Bears Keeps Pushing, Why BTC Could Turn Bearish Below $60K? Van De Poppe affirms that the largest crypto asset by market cap is currently at the range low. For Bitcoin to maintain the range and the upward momentum to persist, this is technically the region it should probably hold. Should the asset fail to sustain this position, Van De Poppe anticipates a potential movement on the downside in the future. Thus, he has placed his price targets at $55,000 or even further toward the $52,000 threshold. The post read: Bitcoin is at the range low. This is technically the area where you’d prefer to see it hold, so the upward momentum continues, and the range holds. If this doesn’t hold, then we might expect $52-55K as a potential low on this correction. Van De Poppe previously pointed out that Bitcoin is gradually moving close to the lower bounds of the range, in order to test support around $62,250 level. Consequently, it appears likely that BTC will keep moving toward the upside, following the breakout of the support level. However, since the recently concluded Bitcoin Halving event, boredom has set in, suggesting a possible price decline. Thus, should a correction on the downside eventually take place, $52,000 and $55,000 are the two levels Van De Poppe expects BTC to drop to. Despite the negative outlook for BTC, the crypto expert thus far has urged investors to acquire more of the coin. Opposite Sentiment On BTC’s Investment While Poppe solicits investors to invest more in BTC, crypto critic and gold advocate Peter Schiff, on the other hand, has urged investors not to do so. Instead, Schiff has highlighted a possible impending massive rally for assets like Gold, Silver, and mining stocks. Related Reading: Analysts Bullish On Bitcoin Despite Peter Schiffs $20,000 Doom Scenario He claims that the charts and the fundamentals have never looked this promising. Due to this, Schiff implored investors to engage more with these assets, saying Bitcoin is dead money and holders should sell before it is buried. “Take advantage of what could be the biggest precious metals bull market in history,” Schiff added. As of today, Bitcoin’s price has shown resilience, fueling optimism of an upward movement. BTC has recovered the $63,000 price level once again after falling to nearly $60,700 on Thursday. The digital asset is trading at $63,077, indicating a 3% rise in the last 24 hours. Data from CoinMarketCap shows that both the market cap and trading volume have also increased by 3.10% and 5.52%, respectively, in the past day. Featured image from iStock, chart from Tradingview.com
After U.S. President Donald Trump announced new tariffs on Friday, the digital asset market demonstrated fresh signs of instability. In the last 24 hours, Bitcoin lost 5.6% of its value to reach $78,769, becoming 27% less valuable than its all-time peak. Peter Schiff, who has opposed cryptocurrencies since the beginning, predicted this price reduction after […]
He wasn't hacked and he isn't trolling. EuroPac's famously anti-crypto hedge fund manager Peter Schiff just told followers this week he's accepting Bitcoin donations.
EuroPac chief Peter Schiff conducted an X Spaces podcast on Tax Day in the US, going on a four-hour-long rant promoting gold and attacking Bitcoin.
Peter Schiff advises selling Bitcoin, calling it a "risky asset," and recommends investing in gold mining stocks amid market uncertainty.
Over the weekend, the Bitcoin (BTC) crash had the crypto community on its toes. With the price dropping to $60,000, many investors worried that the flagship cryptocurrency was in trouble ahead of the Halving event. Amid the correction, Bitcoin critic Peter Schiff claimed that his previous predictions regarding spot Bitcoin ETFs (exchange-traded funds) were correct [...]
The post Analysts Bullish On Bitcoin Despite Peter Schiffs $20,000 Doom Scenario appeared first on Crypto Breaking News.
Renowned crypto critic Peter Schiff has criticized Strategys Bitcoin accumulation spree and predicted that the company will soon experience losses on its BTC holdings. Schiff made the assertion today after Strategys chairman, Michael Saylor, announced the companys latest Bitcoin acquisition. Strategy Acquires 3,459 BTC In an X post today, Strategy announced that it acquired 3,459 BTC for $285.8 million. This implies that Strategy spent an average of $82,618 per BTC for this acquisition.Notably, the company purchased all 3,459 BTC in one week, from April 7 to 13, 2025. With the latest move, Strategy further solidified its position as the biggest corporate Bitcoin holder, with a total holding of 531,644 BTC. Saylor revealed that the total acquisition cost was $35.82 billion, resulting in an average price of $67,556 per BTC. At the current price of $84,555, Strategys Bitcoin portfolio is valued at $44.95 billion, marking a return of $9.13 billion. Schiff Predicts Imminent Loss for Strategy Meanwhile, Strategys latest Bitcoin purchase attracted mixed reactions from financial experts, with Schiff criticizing the move. The American stockbroker highlighted what he considers a big problem regarding Strategys continued BTC acquisition. Schiff suggested that as Strategy buys more Bitcoin, its average purchase cost rises as BTCs price declines. At the time of the post, Schiff noted that the Strategy still has a "paper gain" of about 25%. However, he warns that if the price of Bitcoin continues to plunge, Strategys overall average BTC cost will surpass the market price. If this happens, the Bitcoin critic stated that Strategys entire BTC position would be held at a loss as the market value would be less than what the company paid for. Schiffs warnings come as Bitcoin recovers from last weeks collapse, which pushed it downward to around $74,000. Despite the recovery, Bitcoin is still 22.5% below its all-time high (ATH) of $109,114, recorded on January 20, 2025. Schiff Calls Saylor the Egg Man Meanwhile, Schiff has been a vocal critic of Bitcoin, referring to the asset as a digital risk. He has slammed companies like Strategy for their Bitcoin buying spree, which he suggests could end in regret. In November, he called Saylor the egg man shortly after the Strategy announced plans to raise $42 billion for more BTC purchases. The egg man is a cautionary tale about how a client aggressively purchased egg futures contracts, raising the price to a lofty target of $1.75 from an opening price of $0.25. Following this hefty surge, the client attempted to sell his egg futures contracts only to learn from his broker that he had been the only one buying the asset, making him the egg man. Interestingly, Saylor and Strategy have often ignored Schiffs criticisms as they continue to acquire more BTC. The Strategy executive chairman remains confident in Bitcoin, predicting that the premier asset will eventually hit a market cap of $500 trillion.
Schiff compared BTC's price to gold instead of the greenback, but the yellow metal also crashed on Friday.
Economist Peter Schiff has warned of “the biggest economic disaster” in U.S. history. He stressed that we are on the cusp of a financial crisis and “it’s going to be much bigger than the last.” In addition, he said the U.S. dollar is being debased in order to fund the bank bailouts. Peter Schiff Foresees [...]
The post Economist Peter Schiff Warns of US Dollar Devaluation and ‘Biggest Economic Disaster’ in History appeared first on Crypto Breaking News.
A prominent non-fungible token (NFT) protocol based on the Bitcoin blockchain, “Ordinals,” surpassed an impressive benchmark in a significant turn of events. The network’s transaction surged to 10 million a few days after the Ordinals creator, Rodarmor, announced stepping down from the project. Related Reading: Pepecoin Eyes Rebound As It Finds Support In Strong Algorithm Data Score Reaching over 10 million inscriptions suggests that many transactions have occurred on the protocol. Casey Rodarmor tweeted that he had stepped down as the lead maintainer of Ordinals. He claimed that he was not giving Ordinal full attention and handed over the role to a programmer, Raphjaph. He further emphasized that donations from the community will fund the coder’s work on the project. Ordinals Protocol And Its Rapid Growth Bitcoin Ordinals is a protocol that supports the transcription of a unique identifier to individual satoshis (SATs) to enable easy tracking during transactions. After the launch of Ordinals in January, the protocol quickly gained popularity as a means to create new assets on the Bitcoin blockchain. Initially, Ordinals served to “inscribe” data on individual satoshis (the smallest divisible unit of BTC). However, the rapid growth in the number of Ordinals inscriptions occurred when the BRC-20 token standard was introduced in early March. Related Reading: Floki Inu: Does Meme Coin Have What It Takes To Re-Enter Top 100 Spot? This new token standard, established by the pseudonymous “Domo,” enabled users to mint new tokens on the Bitcoin blockchain. According to data from BRC-20.io, in the first week, the number of Bitcoin-based tokens jumped from a hundred to 25,000 at the time of writing. The introduction of the BRC-20 token standard has expanded Bitcoin’s functionality. This increased utility has boosted the adoption and use of the Bitcoin blockchain for tokenization and asset creation. Controversy Surrounding Bitcoin Ordinals – Efficiency And Speed Concern The growth of Ordinals has not been without its share of controversy, as critics among the Bitcoin community have raised concerns about its method of “inscribing” assets on the network. They argue this approach is “inefficient and wasteful,”, particularly regarding block space and transaction fees. In response, alternative developers have been exploring using smart contracts to mint assets and non-fungible tokens (NFTs) on the Bitcoin blockchain. They aim to address the efficiency issues associated with Ordinals by leveraging smart contracts. On the other hand, proponents of the initiative have praised Ordinals for its ability to attract new users to the broader Bitcoin ecosystem. Notably, even prominent anti-Bitcoin advocate Peter Schiff recently minted a small number of NFTs on Bitcoin using the Ordinals protocol. While the surge in Ordinals-related activity has increased BTC transaction fees, miners have greatly benefited from this heightened network engagement. According to data from Dune Analytics, miners have received over $44 million in fees related to Ordinals transactions. Featured image from Pixabay and chart from TradingView
In a manner similar to bitcoin and the overall crypto market, gold’s value has climbed, nearly touching $2,200 per ounce this week. This uptick is widely attributed to demand from central banks, with surveys indicating both Wall Street and Main Street anticipate higher prices in the upcoming week. At the same time, gold enthusiast Peter [...]
The post Golds Price Surge to Nearly $2,200 Overshadowed by Bitcoins Speculative Mania, Peter Schiff Claims appeared first on Crypto Breaking News.
As bitcoin climbed beyond its previous 2021 peak, the value of an ounce of pure gold similarly hit a lifetime high on March 5. The globally acknowledged safe haven asset soared to $2,140 per ounce on Tuesday, marking a 4.97% increase against the U.S. dollar over the preceding week. Price of Gold Climbs to Unprecedented [...]
The post Precious Metal Peaks Gold Surpasses $2,140, Marking Historic Price High appeared first on Crypto Breaking News.
Gold bull and Bitcoin detractor Peter Schiff is full of surprises. For his 62nd birthday, Schiff has requested Bitcoin donations for his new Strategic Bitcoin Reserve.
Gold bug Peter Schiff has highlighted a problem with owning spot bitcoin exchange-traded funds (ETFs). However, the issue Schiff pinpointed isn’t unique to bitcoin ETFs. This discussion has reignited calls for self-custody among crypto proponents. Peter Schiff’s Warning Prompts Self-Custody Push Gold advocate and economist Peter Schiff has highlighted a problem with owning spot bitcoin [...]
The post Peter Schiff Highlights Problem With Owning Bitcoin ETF BTC Investors Respond Self-Custody Is Key appeared first on Crypto Breaking News.
Since Bitcoin (BTC) witnessed a crash this week to $64,000, the crypto asset has not been able to reclaim its momentum, with the price falling even lower. This has led to a general market decline that has affected altcoins. Bitcoin Plummets To $8,900 On BitMEX Exchange In a devastating turn of events, Bitcoin witnessed a steep decline on the Seycelles-based cryptocurrency exchange BitMEX on Monday. Reports from blockchain media, Wu Blockchain, revealed that Bitcoin fell to around $8,900, following a massive BTC sell-off on the platform. Related Reading: BitMEX Whales Buy Bitcoin: What History Says Will Happen Next Wu Blockchain reported that a user sold over 400 BTC, which led to the price of Bitcoin falling to the aforementioned figure. Over the space of two hours, the unidentified user sold the 400 BTC in groups of 1050 BTC. Consequently, BitMEX’s market stability was impacted since the user sold the assets for incredibly low prices. However, according to reports from Blockchain Daily, the event was short-lived as prices have now returned to the normal level. In response to the development, BitMEX has assured the crypto community that it is “looking into odd behavior” involving users selling substantial orders on the spot market for BTC-USDT. The crypto platform further stated that while the investigation is ongoing, “the derivatives market will still be operational, including the index price for its popular XBT derivatives contracts.” Furthermore, the exchange confirmed the safety of users’ funds and assets, and the platform is “running as usual.” Given that the price of Bitcoin was situated at $68,000 before the incident, the drop indicates an over 87% decline. After falling to $8,900, Bitcoin recovered, but the abnormal price fluctuations lasted for an additional 30 minutes before things returned completely to normal. The development has since stirred quite a frenzy within the cryptocurrency landscape, leaving the community to ponder on the reason behind the drop. Several crypto enthusiasts believe that the incident was a move orchestrated by BitMEX to manipulate prices to liquidate investors and end up making a lot of money. Larger Crash Might Take Place As Bitcoin continues to move downward, Gold advocate and crypto critic Peter Schiff has forecasted a larger crash for prices. At first, Peter Schiff drew the crypto community’s attention to the 2021 rally, in which BTC peaked at $69,000. Related Reading: Peter Schiff Warns Investors From Bitcoin, Says They Should Buy This Instead However, the largest cryptocurrency witnessed a collapse the next year, and by November 2022, it was already trading at $16,000. As a result, Schiff mocked Bitcoin enthusiasts, asking, “How many of them still have their laser eyes on their profiles.” Thus, considering that the majority are presently more optimistic about BTC, Schiff anticipates a “bigger crash” is probably on the horizon. As of the time of writing, the price of Bitcoin was trading at $62,943, indicating an over 7% decline in the past 24 hours. Its market cap is down more than 7%, while its trading volume holds steady increasing by 63% in the past day. Featured image from iStock, chart from Tradingview.com
As Bitcoin (BTC) struggles amid the latest crypto market pullback – failing to decisively break past the $84,000 resistance – gold (XAU) continues its impressive rally, soaring to a record high of $3,000 per ounce on March 14. Bitcoin Gets Outshined By Gold 2025 has started on a shaky note for the worlds largest cryptocurrency. BTC is down over 10% year-to-date (YTD), falling from approximately $94,000 on January 1 to around $84,000 at the time of writing. On the flip side, gold has surged nearly 13% in the same period. Related Reading: Bitcoin Needs Weekly Close Above This Level To Confirm Market Bottom, Analyst Says Market analyst Northstar shared the following chart on X yesterday, illustrating the BTC-to-gold ratio over the past 12 years. According to the chart, BTC is beginning to break below a critical support line that has held strong for more than a decade. If Bitcoin sustains price action below this support line for several weeks or months, it could signal the end of the current crypto bull run. BTCs underperformance against gold is also evident in the contrasting capital flows into BTC and gold exchange-traded funds (ETFs). According to data from the World Gold Council, US-based spot gold ETFs have attracted inflows exceeding $6 billion YTD. Globally, spot gold ETFs have seen more than $23 billion in inflows. Meanwhile, data from SoSoValue indicates that US-based spot BTC ETFs have experienced nearly $1.5 billion in net outflows YTD. This sharp contrast in capital movement reflects a shift in investor strategy from risk-on to risk-off assets. Several factors may explain investors’ growing aversion to risk-on assets, including US President Donald Trumps new trade tariffs, the US Federal Reserves (Fed) hawkish monetary policy, and the recent stock market rout. Is The Crypto Bull Run Over? BTCs underperformance relative to gold casts doubt on the longevity of the current crypto bull market. The total crypto market cap has shed over $600 billion since the start of the year, now standing at approximately $2.8 trillion. Related Reading: Bitcoin To Bottom Around $70,000? Arthur Hayes Says Correction Very Normal In A Bull Market Renowned gold advocate Peter Schiff argues that BTC has already been in a bear market for the past three years. In an X post, Schiff stated: One Bitcoin now buys 27.7 ounces of gold. At its peak in 2021, one Bitcoin bought 36.3 ounces of gold. That means that in terms of gold, which is real money, the price of Bitcoin has fallen by 24%. So Bitcoin has been in a stealth bear market for the past three and a half years. That said, positive macroeconomic developments could still turn the tide in BTCs favor. For example, US inflation appears to be cooling, which may pressure the Fed to pivot toward quantitative easing and boost market liquidity – a potential boon for risk-on assets. Likewise, a breakdown in the US dollar index could reignite optimism for assets like stocks and cryptocurrencies. At press time, BTC trades at $84,902, up 3.8% in the past 24 hours. Featured image from Unsplash, charts from X and TradingView.com
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