Bitcoin News
By Dan Saada
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Schiff's Long War Against Bitcoin. Schiff's skepticism didn't start last week. He's been one of the most consistent and vocal critics…
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Bitcoin's Backers Aren't Listening. They never really do. That's sort of Schiff's whole complaint.
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Where the Debate Stands Now. No major Bitcoin organization or prominent advocate put out a formal response to Schiff's latest…
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Peter Schiff went there again. The gold advocate and longtime Bitcoin skeptic just called the Bitcoin community a "cult" — and said that even a 99% wipeout in price wouldn't…
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That's a bold claim. Schiff has been making noise about Bitcoin's supposed fragility for years, but the cult framing is a sharper edge than usual.
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Not a new position for him. But it's getting louder.
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Schiff's skepticism didn't start last week. He's been one of the most consistent and vocal critics of Bitcoin for years, arguing repeatedly that the digital currency lacks…
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His gold-versus-Bitcoin framing is pretty much his whole brand at this point. Gold, he says, has thousands of years of use as a monetary asset, industrial applications, and a…
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The 99% crash warning is the number that's getting attention now. It's an extreme figure, and Schiff seems to mean it seriously — not as a throwaway line, but as a genuine risk…
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They never really do. That's sort of Schiff's whole complaint. Bitcoin's supporters have heard the crash warnings before — multiple times — and they've watched Bitcoin recover…
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And that resilience is actually the core tension here. From Schiff's angle, the fact that Bitcoin holders don't sell during crashes proves his cult point — it's irrational…
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The broader crypto market's volatility doesn't help settle the argument either way. Wild price swings are basically a feature of the space — or a bug, depending on who you ask.
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No major Bitcoin organization or prominent advocate put out a formal response to Schiff's latest comments, at least not one that's been widely reported.
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But the noise matters, at least in one sense. Schiff is a prominent figure in financial commentary, and his voice reaches traditional investors who are still trying to figure out…
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Schiff's argument, stripped down, is simple: something that could lose 99% of its value and still retain a devoted following isn't an investment. It's a religion.
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