Peter Schiff’s new Bitcoin criticism: ‘If you want to protect your purchasing power...’
By: bitcoin ethereum news|2025/05/03 15:15:01
0
Share
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
The cryptocurrency industry has become a traditional industry
For entrepreneurs and retail investors still in this industry, they should either embrace the current changes or explore the next unpredictable field in cryptocurrency.
Chip frenzy cooling down? Morgan Stanley's Wilson: Funds are shifting towards AI supercomputing giants like Microsoft and Amazon
Morgan Stanley's chief equity strategist Wilson pointed out that the momentum in the semiconductor sector is waning, with the Philadelphia Semiconductor Index having dropped nearly 14% from its peak. Funds are shifting towards AI supercomputing giants like Microsoft, Amazon, and Meta, as well as sec...
Morning Report | Vitalik outlines Ethereum's long-term roadmap, Lean Ethereum will become the third major iteration; SK Hynix seeks to attract more AI investors by listing in the U.S
July 5 Market Important Events Overview
Trump, the best stock trader among U.S. presidents
Trump has almost turned the presidency into a business and maximized the conversion of presidential influence into commercial profits.
From ByteDance to Financial Freedom: How did "Byte Brother" Leto develop his investment judgment skills to achieve a turnaround of 30 million?
Speak with data and signals, validate judgments with A/B tests, and seek asymmetric returns with limited risk exposure.
Selling coins despite a loss of 55 million dollars, the faith in Strategy has reached the interest payment date
The moment faith was securitized, Bitcoin became a bill.
OUSD False Cooperation Controversy? The Credit Game of Stablecoins and Endorsements by Giants
The success of stablecoins does not rely on rallying a group of alliance members for marketing, but rather on whether they have real use cases and genuine users.
Q-Day Countdown: Will Quantum Computing End Cryptocurrency?
In the face of dormant coins being plundered by quantum computing power, should we firmly uphold the unalterable bottom line of "code is law," or should we enforce a soft fork to freeze legacy assets?
The ten years of Cloud on the Air: From corner coffee to global financial infrastructure
How did a remittance company grow into a financial infrastructure that can replace SWIFT; when it really reaches this scale, how should stablecoins be positioned for it; and what can AI integrate into this infrastructure?
$10,000 in TRUMP Token vs. $10,000 in Nasdaq: The "Trump Trade" That Actually Worked in 2026
TRUMP Token lost more than 96% after its launch, while Nasdaq stocks and NVIDIA delivered strong gains. Compare what happened to a $10,000 investment and explore why asset fundamentals matter more than market hype.
The impact of OUSD on Circle, Tether, and Paxos: not a single negative factor, but a more complex reshaping of competition
OUSD will not be the last new competitor; Circle needs to respond more actively in terms of products, distribution, and ecosystem collaboration.
Li Feifei's latest long article: When video generation, robots, and NVIDIA all claim to be world models, we need a taxonomy
Language gives machines a way to talk about the world. The world model is the means by which machines ultimately understand, imagine, reason, and interact with it.
Blaming the desolation of the cryptocurrency world on the rise of AI is a form of intellectual laziness
The emergence of giants signifies a mature business model. Although it will reduce speculative space, there is also enough room for error, allowing for the continuous emergence of new forces.
Strategy Founder: The Next 10 Years of Bitcoin
In the next decade, the biggest evolution of Bitcoin is precisely "responding to change with invariance." The four-year cycle is giving way to capital flows such as ETFs, corporate and sovereign reserves, and bank credit, while digital credit and digital currency will grow layer upon layer on top of...
Forbes Special Report: Stablecoin cross-border payments are faster now, but not cheaper yet
Cross-border payments using stablecoins are rapidly expanding, bringing speed and accessibility, but due to insufficient institutional liquidity, they have not yet delivered on their promised cost savings. The technology has been validated, and regulations are improving, but the industry has not yet...
A valuation of 8 billion dollars, doubling in 8 months! What makes the crypto-friendly bank Erebor Bank stand out?
Erebor is a high-profile experiment taking place at the intersection of banking, cryptocurrency, and industrial policy.
340 billion valuation: Li Yanhong's largest IPO, a seat in Kunlunxin's shares is hard to come by
As a core asset in Baidu's AI landscape, Kunlun Chip is expected to exceed Baidu's market value after going public, becoming an important bargaining chip in its turnaround battle.
Stablecoins are the "royalists" of the crypto world: Open USD brings the old currency system into play
The emergence of Open USD has shifted the competition for stablecoins from the market struggle of crypto startups to a battle for infrastructure involving traditional finance, payment networks, technology platforms, and public chain ecosystems.
The cryptocurrency industry has become a traditional industry
For entrepreneurs and retail investors still in this industry, they should either embrace the current changes or explore the next unpredictable field in cryptocurrency.
Chip frenzy cooling down? Morgan Stanley's Wilson: Funds are shifting towards AI supercomputing giants like Microsoft and Amazon
Morgan Stanley's chief equity strategist Wilson pointed out that the momentum in the semiconductor sector is waning, with the Philadelphia Semiconductor Index having dropped nearly 14% from its peak. Funds are shifting towards AI supercomputing giants like Microsoft, Amazon, and Meta, as well as sec...
Morning Report | Vitalik outlines Ethereum's long-term roadmap, Lean Ethereum will become the third major iteration; SK Hynix seeks to attract more AI investors by listing in the U.S
July 5 Market Important Events Overview
Trump, the best stock trader among U.S. presidents
Trump has almost turned the presidency into a business and maximized the conversion of presidential influence into commercial profits.
From ByteDance to Financial Freedom: How did "Byte Brother" Leto develop his investment judgment skills to achieve a turnaround of 30 million?
Speak with data and signals, validate judgments with A/B tests, and seek asymmetric returns with limited risk exposure.
Selling coins despite a loss of 55 million dollars, the faith in Strategy has reached the interest payment date
The moment faith was securitized, Bitcoin became a bill.
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Program:support@weex.com
