Peter Schiff’s new Bitcoin criticism: ‘If you want to protect your purchasing power...’

By: bitcoin ethereum news|2025/05/03 23:15:01
0
Share
copy
Peter Schiff reignites criticism, claiming Bitcoin lacks inflation-hedge credibility and stability. Kevin O’Leary and Senator Lummis defended Bitcoin’s growing market and policy relevance. In a move that surprised no one, longtime Bitcoin [BTC] critic Peter Schiff has once again taken to social media to challenge the king coin’s legitimacy. Schiff’s critiques of Bitcoin In his latest post, Schiff cast doubt on Bitcoin’s role as an inflation hedge, arguing that its recent price behavior undermines that narrative. Known for his unwavering support for gold, Schiff compared Bitcoin’s performance to that of tech stocks, claiming it lacks the stability and characteristics of a true store of value. Taking to X, Schiff noted, “It should be clear from recent price action that claims that Bitcoin has decoupled from the NASDAQ and now trades more like gold are false. If you’re worried about inflation and want to protect your purchasing power buy gold. If you want to bet on the NASDAQ just buy tech stocks.” Why does Schiff believe more in gold than Bitcoin? He argued that the asset’s recent price movements are driven more by speculative trading and shifting macroeconomic conditions than by any fundamental monetary strength. Schiff went a step further to caution that Bitcoin may fail to offer the long-term wealth protection typically associated with traditional safe-haven assets like gold. However, his criticisms met swift pushback from the crypto community. The community stands against Schiff’s argument Billionaire investor Kevin O’Leary, in a recent interview with a publication, directly challenged Schiff’s assertions, highlighting a growing divergence in views between traditional financial stalwarts and digital asset proponents. He said, “#BITCOIN IS THE ONLY CRYPTO THAT BILLIONS OF PEOPLE WILL BUY.” Adding to the momentum around Bitcoin’s policy relevance, Senator Cynthia Lummis has weighed in with a bold proposal linking Bitcoin to national fiscal reform. She voiced her support for the BITCOIN Act, suggesting it could serve as a strategic tool to address the United States’ staggering $36 trillion debt. Lummis emphasized that with the current administration showing openness toward digital assets, now is the time to consider such alternatives seriously. Though details on the Act remain limited, her endorsement signals a significant shift. Bitcoin’s price action In the meantime, Bitcoin’s recent price action added another layer to the ongoing debate. Despite a slight 0.64% dip, BTC was trading at $96,201.18, maintaining a strong position after kicking off May with a bullish close at $97,406. This upward move marks a significant breakout above a key resistance level, one that Bitcoin had struggled to hold since late February. Therefore, as Bitcoin continues to assert its position, both in price and policy relevance, its long-term role in the financial ecosystem remains increasingly difficult to ignore. Source: https://ambcrypto.com/peter-schiffs-new-bitcoin-criticism-if-you-want-to-protect-your-purchasing-power/

You may also like

Stop Talking About Gold, Bitcoin Is Not a Safe Haven Asset

One cannot rely on macro narratives like "Gold Rotation" to determine whether Bitcoin has bottomed. True bottom signals will only appear during position unwinding and extreme pessimistic sentiment.

Aave Founder: What Is the Secret of the DeFi Lending Market?

When on-chain lending becomes significantly cheaper to operate end-to-end compared to traditional lending, mass adoption becomes not a question of if, but of when.

The Trader's Playbook: 7 Market Cycle Lessons From LALIGA’s 90 Minutes

What do LALIGA matches teach about crypto markets? Learn how consolidation, breakouts, and late-cycle volatility shape disciplined trading decisions.

How Smart Money Tracker Survived Live AI Trading at WEEX AI Hackathon

Discover how WEEX AI Trading Hackathon tested strategies with real capital—no simulations. See how Smart Money Tracker survived flash crashes and leveraged 18x in live markets.

80% Win Rate to 40% Drawdown: An AI Trader's Brutal Recalibration at WEEX AI Wars

Dive into the technical blueprint of an AI trading system built on LLaMA reasoning and multi-agent execution. See how Quantum Quaser uses confidence thresholds & volatility filters at WEEX AI Wars, and learn the key to unlocking 95% win rate trades.

AI Trading Strategy Explained: How a Beginner Tiana Reached the WEEX AI Trading Hackathon Finals

Can AI trading really outperform human emotion? In this exclusive WEEX Hackathon finalist interview, discover how behavioral signal strategies, SOL trend setups, and disciplined AI execution secured a spot in the finals.