- “Only a threat to those who buy it”
- “Bitcoin is going zero”
Peter Schiff, the renowned gold advocate, has dismissed the notion that Bitcoin poses any systemic threat to traditional finance or his favorite precious metal
Schiff has argued that the only real danger Bitcoin presents is to the financial ruin of the investors who hold it.
“Only a threat to those who buy it”
The latest barrage of criticism began when user Jeff Swanson questioned Schiff’s relentless focus on an asset he claims is irrelevant.
HOT Stories
Crypto Market Review: XRP Consolidates Amid Low Volatility, DOGE Struggles at $0.10, Is Shiba Inu (SHIB) Testing Key Support?
U.Today Crypto Digest: Shiba Inu Price Rebounds, Ex-Ripple CTO Calls Bitcoin ‘Dead End’, Goldman Sachs Owns 14% of XRP ETF
Swanson posited that Schiff’s obsession implies fear, stating, “You don’t debate imaginary issues. You debate real threats.”
Schiff’s response was swift and dismissive. “Bitcoin is only a threat to those who buy it,” Schiff retorted on February 14.
For Schiff, Bitcoin is not a rival to gold or a replacement for the dollar. He rejects the “digital gold” narrative entirely since he views the asset as a speculative bubble destined to burst.
“Bitcoin is going zero”
Schiff, who proudly identifies himself as “the loudest Bitcoin critic,” claims his skepticism is rooted in a fundamental grasp of economics that crypto proponents lack.
“Actually I’m the loudest Bitcoin critic, but I have a strong understanding of how money actually works,” he stated.
His outlook for the future of Bitcoin remains apocalyptically bearish. In a direct reply to MicroStrategy’s Michael Saylor and other proponents, Schiff did not mince words regarding the asset’s ultimate trajectory.
“Yes, Bitcoin is a zero,” he declared on Feb. 13.
He further elaborated on this grim forecast in a separate thread, predicting mass insolvency for the current class of crypto investors.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Russian $3 Million Crypto Scam Exposed: Celebrities and Boxers Among Victims, Mastermind Sentenced to 6 Years
A Russian businessman was sentenced to six years for cryptocurrency investment fraud involving over $3 million, with victims including renowned actors and boxers. The fraud scheme employed a classic Ponzi structure, and prosecutors vow to intensify crackdowns on such crimes. Market participants are urged to remain vigilant against promises of high returns and scrutinize fund flows.
GateNews4m ago
Bitcoin and Gold Under Synchronized Pressure: How Surging Oil Prices and High Interest Rates Reshape Safe-Haven Asset Logic?
In the context of escalating conflicts between the United States, Israel, and Iran, traditional safe-haven assets such as gold and Bitcoin face dual pressures. Rising oil prices push up inflation expectations, delaying Federal Reserve rate cuts and reducing gold's appeal; meanwhile, Bitcoin's price retreats due to tightening macro liquidity. Despite sustained inflows into Bitcoin ETFs, elevated oil prices and tight monetary policy may continue to suppress performance of both asset classes in the near term.
GateNews5m ago
F2Pool Co-founder Wang Chun Speaks Out on BIP-110 Controversy, Criticizing Bitcoin Extremism for Hindering Innovation
F2Pool co-founder Wang Chun criticized Bitcoin maximalists on the X platform, arguing that Bitcoin should not be treated as sacred and that this hinders technological innovation. He pointed out that some supporters view scaling attempts as attacks, emphasizing that Bitcoin should adapt to developments in DeFi, privacy, and payment infrastructure.
GateNews8m ago
BTC and ETH options worth $1.97 billion in notional value expire and settle today
Gate News Alert: As of March 20, according to Greeks.live data, 23,000 BTC options will expire today with a Put Call Ratio of 0.88, a max pain level of $70,000, and a notional value of $1.6 billion. Additionally, 176,000 ETH options will expire today with a Put Call Ratio of 1.04, a max pain level of $2,150, and a notional value of $370 million. Next Friday (March 27) will see the quarterly expiration.
GateNews10m ago
France Sees Cryptocurrency Kidnapping Case Again: Thugs Torture and Extort $9 Million, Bitcoin Holders' Security Risks Escalate
A serious kidnapping case occurred in Haute-Savoie, France, where the victims' parents were kidnapped and abused, with suspects demanding $9 million in ransom. The incident has raised concerns about the security of cryptocurrency holders, and police have arrested multiple suspects. Experts recommend enhancing security precautions.
GateNews15m ago
Tether Enters Bitcoin Lightning Network, USDT Seeks to Reshape Crypto Payment Landscape and On-Chain Transfer Efficiency
Tether is accelerating the introduction of USDT into the Bitcoin Lightning Network to enhance transfer efficiency and expand application scenarios. This move combines stablecoins with Bitcoin, promoting efficient payments and cross-chain application development, and is expected to improve the usability of cryptocurrency payment systems, though it faces market competition and technical challenges.
GateNews17m ago
