Renowned economist and long-time Bitcoin critic Peter Schiff has reiterated his bullish stance on gold while launching a fresh attack on Bitcoin and its proponents. In an interview with Coinage, Schiff raised his gold price target to $7,000 and above, following the metal's recent breach of the $5,000 mark.
Schiff directly challenged a popular narrative among Bitcoin supporters, declaring the theory that "gold rises first, then Bitcoin follows" to be completely false. He presented data showing that while gold has been setting records since early 2024, Bitcoin has lost more than 50% of its value against gold (BTC/Gold ratio).
"Marketing Bitcoin as 'digital gold' or 'Gold 2.0' is a huge scam," Schiff stated, claiming Bitcoin possesses no real fundamental value. He attributed Bitcoin's recent price approach toward $100,000 to two primary factors: Wall Street's entry to profit from client "gambling demands," and former President Donald Trump adopting a pro-Bitcoin stance to garner crypto votes and donations, which Schiff called an artificial price boost.
Schiff also targeted MicroStrategy's Michael Saylor, one of Bitcoin's most vocal advocates. He claimed that despite Saylor's company making billions in Bitcoin purchases over five years, its return per share has lagged behind traditional investments like the S&P 500. According to Schiff, MicroStrategy has entered a "Ponzi-like cycle."
Separately, Schiff issued a stark warning about the U.S. dollar, suggesting an impending collapse driven by the nation's $35 trillion national debt, persistent inflation, and excessive money printing. He believes the coming economic crisis could be worse than the 2008 financial crash, eroding trust in fiat currency and driving investors toward gold as the ultimate store of value. This fear has contributed to gold's recent rally above $2,600 per ounce.
Bitcoin supporters have pushed back against Schiff's views, arguing Bitcoin's limited supply and global portability make it a superior modern store of value. This fundamental disagreement between gold and Bitcoin advocates continues to divide the investment community.
