Economist and long-time Bitcoin skeptic Peter Schiff has once again questioned the cryptocurrency's valuation, calling the notion of Bitcoin being 'cheap' meaningless without a framework for value. In a post on X, Schiff argued that Bitcoin has no earnings, yield, book value, or productive use, leaving it without a valuation anchor. 'Cheap relative to what?' he asked, suggesting that buyers merely hope for a 'greater fool' to pay more. His criticism came as Bitcoin traded near $62,763, buoyed by improving macro sentiment after the U.S. Senate passed a resolution to ease tensions with Iran, pushing risk assets higher.
A Bitcoin supporter countered by pointing to purchases by BlackRock, Vanguard, and Tesla. Schiff dismissed this, noting that Tesla sold most of its holdings long ago and that hedge funds trade momentum, 'dating' Bitcoin rather than committing to it. The debate mirrors years of back-and-forth, with bulls citing scarcity and network security while skeptics focus on the lack of traditional fundamentals.
In a separate development, Schiff speculated that MicroStrategy co-founder Michael Saylor may be reducing media appearances to avoid potential shareholder lawsuits. Schiff claimed on X that Saylor’s legal team likely advised him to limit public statements, and that CNBC might be avoiding coverage for similar legal reasons. MicroStrategy holds over 200,000 BTC, making its stock highly correlated with Bitcoin’s price. While no lawsuit has been filed, Schiff’s comments highlight governance risks for corporate Bitcoin strategies. Saylor has not confirmed any legal concerns, and his reduced visibility could stem from other factors.
