Peter Schiff, the famous "gold bug" economist, has been one of Bitcoin's most persistent critics. The CEO of Euro Pacific Capital has predicted Bitcoin's demise dozens of times while promoting gold as the superior store of value.
"There is a huge difference between a store of value like gold and a highly speculative digital token like Bitcoin, which has no real value to store. Yes, the price of Bitcoin went way up, but prior speculative gains don't qualify Bitcoin as a store of value for current buyers."
"Bitcoin was born out of the financial crisis of 2008. Ironically, the financial crisis of 2025 will kill it."
"It's not backed by energy. Energy is used to create Bitcoin, but that energy is gone after Bitcoin is created. If you own Bitcoin you do not own any stored energy that can be released. Bitcoin is not a battery."
"Crypto and blockchain will likely go down as the biggest example of popular delusions and the madness of crowds in world history. The overall losses when the bubble finally pops will be staggering."
"Previous declines didn't involve anywhere near the total market cap lost during this decline, nor did they involve massive leverage. This crash is just beginning. #Bitcoin will not recover."
"#Bitcoin won't be around a decade from now."
"People still fixated on #Bitcoin are living in the past. #Gold is the future. The last ten years are irrelevent to what will happen over the next. This is gold's time to shine. Bitcoin's candle will soon blow out. Bitcoin HODLers who fail to grasp the change will lose everything!"
"Attention #Bitcoin buyers: This could be your last chance to buy Bitcoin above $40,000. So hurry up and buy those high-priced Sats while supplies last."
"The idea that #Bitcoin whales deliberately tank the market to shake out the little guys to get their coins is nonsense. The whales don't want the minnows to sell, they want them holding and hoping and buying the dip. The whales want out. They're fishing for dollars, not Bitcoin."
"If you never sell your #Bitcoin, what difference does the price make? When it ultimately goes to zero, the percentage loss for all HODLers will be the same, 100%. The significant difference will be how much you pay, not the price. Those who “invest” the most will lose the most."
"You can store #Bitcoin, but you can't store value as Bitcoin has no value to store. Sure Bitcoin has market value today as speculators still want to buy it. But there is no way to know if anyone of them will still want to buy it in the future."
"I’ve witnessed several asset bubbles over the years and those trapped inside also say foolish things to rationalize the price rise. But none more foolish than what’s being said to rationalize the Bitcoin bubble. The bigger the bubble, the more foolish one must be not to see it!"
"Actually my political and economic tweets get far more attention than my bitcoin tweets. Interest in Bitcoin and crypto currencies in general is waining, hence the price declines."
"Bitcoin is great to transfer, but not for buying stuff. The reason it’s so easy to transfer is that you are transferring nothing. Actual value is harder to transfer."
"These currencies are going to trade to zero or pretty close to it when the bubble pops. Right now, the only reason why people are buying bitcoin is because the price is going up. When it turns around, they are not going to sell it for the same reason. There is no value in bitcoin, you can’t use it as money. It’s too slow, too expensive and too vulnerable."
"Ultimately, I think bitcoin has really no value. In the market, it has plenty of value. As long as there’s buying, there’s value. But when the buying goes away, so does the value."
"I believe it’s not going to succeed in delivering the monetary utility that people expect. I do not think it’s going to be the money of the future. I think it’s the bubble of the present."
"Bitcoin is a gigantic bubble ready to explode, according to Euro Pacific Capital CEO Peter Schiff."
"There’s certainly a lot of bullishness about bitcoin and cryptocurrency, and that’s the case with bubbles in general. The psychology of bubbles fuels it. You just become more convinced that it’s going to work. And the higher the price goes, the more convinced you become that you’re right. But it’s not going up because it’s going to work. It’s going up because of speculation…."