- Peter Schiff labelled Bitcoin a “threat to national security”, accusing it of being used to bribe government officials and misuse public funds.
- Despite his warnings, Bitcoin’s adoption and price growth continued to defy his predictions, including his claim that BTC would never reach US$100K.
- Nate Geraci and Erik Voorhees humorously criticised Schiff’s remarks, highlighting the irony of blaming Bitcoin while ignoring larger economic issues like US$36 trillion in debt.
Oh, Peter Schiff is at it again. This time, the number one Bitcoin hater said BTC is a “threat to national security”, but don’t laugh so hard yet; he said it’s used to bribe and accuse government officials of misusing public funds to invest in the cryptocurrency.
It’s one thing when private citizens voluntarily waste their own money buying Bitcoin. But it crosses the line when they bribe government officials to squander the public’s money buying it.
Peter Schiff
Related: Bitcoin Flash Crash to $90k Wipes Out Over $1 Billion in Leveraged Positions
Old Man Yells at Cloud (Again)
Schiff, known for championing gold as a reliable store of value, has long criticised Bitcoin, to the point where it’s honestly worrying. He has previously called the coin’s success the “biggest bubble in history”, citing its lack of “intrinsic value compared to gold”.
Despite his warnings, Bitcoin’s price and adoption continue to grow, defying many of his predictions. He also said BTC would never reach US$100K (AU$155K).
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To say the comments were hilarious is quite an understatement.
Nate Geraci, president of the ETF Store, humorously responded to Schiff’s latest remarks:
In only 11 months, Bitcoin evolved from sinking ship to national security threat… You love to see it.
Nate Geraci, president of the ETF Store
Founder of Venice.ai, Erik Voorhees, also chimed in, stating:
Yeah, Bitcoin is the problem, not the $36 trillion of debt.
Erik Voorhees, Founder of Venice.ai
Schiff has always said that gold is superior to Bitcoin as a store of value and hedge against inflation. However, he acknowledged that, in hindsight, he would have invested in BTC when it was priced at just one dollar had he anticipated its current scale.
Schiff characterised Bitcoin’s rally as a product of crowd-driven mania, predicting severe consequences when its market momentum collapses. “The overall losses when the bubble finally pops will be staggering,” Schiff warned.
Related: Ethereum ETFs Surge with Robust Inflows, Signalling Market Turnaround
Bitcoin has become so popular and powerful that it even forced Schiff to admit he wishes he had bought it earlier. But for now, we can have fun watching his rants and complaints on X.
