"Goodbye Bitcoin reserves" – Peter Schiff mocks the digital gold status of BTC

Renowned economist and Bitcoin critic Peter Schiff has once again targeted the leading cryptocurrency by market capitalization, questioning its status as "digital gold."

Peter Schiff – Economist## Peter Schiff once again criticizes Bitcoin

In his latest speech, Schiff argued that the role of BTC as an inflation hedge is weakening, especially as concerns about stagflation are increasing.

He pointed out that the growth of Bitcoin appears to be slowing down despite rising inflation, challenging the widespread belief in its long-term viability as a store of value.

Moreover, he also doubts the effectiveness of the strategic Bitcoin Reserve plans, implying that they may not yield the expected results.

"The uncertainties surrounding tariffs are increasing pressure on the financial markets. Gold has reached a record high as Bitcoin collapses. Goodbye Strategic Bitcoin Reserves," Schiff added.

The community criticizes Schiff's remarks

Criticizing Schiff's remarks, on-chain analyst Erik Huisman stated:

"People like Trump, Larry Fink and other smart people are all playing 4D chess while you're just staring at the daily price chart. Let's grow up. Even people with a little thought will see something that you missed. So who's right, who's wrong? I think it's the leaders of big corporations, not bankrupt banks or forgotten South American companies, who know best."

Agreeing with this viewpoint, Dan Held mocked Schiff with a post featuring an image titled: "An old man yelling about Bitcoin."

Source: Dan HeldMoreover, despite Schiff's claims, another X user – Juraj Bednar noted:

"I hardly noticed a decrease. Mainly an increase according to gold prices."

Source: Juraj BednarThis highlights that Schiff's negative comments about Bitcoin have never been well-regarded by the crypto community. In fact, his statements also seem shocking considering the unexpected move he just made recently.

On his 62nd birthday, Schiff surprised many by expressing interest in holding BTC in a hardware wallet.

Current Market Situation

Schiff's latest comments come at a time when BTC is experiencing significant price fluctuations.

After briefly reaching $88,000, the top cryptocurrency by market capitalization underwent a strong correction, falling to $81,717, losing nearly 2% of its value in the past 24 hours.

Therefore, Schiff's remarks, combined with the volatile market conditions, have sparked speculation about whether his stance on Bitcoin is softening or if this move is merely symbolic.

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making any decisions. We are not responsible for your investment decisions.

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Minh Anh

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