Gold investor and longtime Bitcoin critic Peter Schiff has renewed his criticism of Bitcoin, arguing that it should not be compared with traditional assets such as gold, equities or real estate.
Schiff made the remarks in response to a post from crypto analyst Quinten Francois, who pointed out that gold is roughly 20 times larger than Bitcoin, global equities are roughly 100 times larger, and global real estate is more than 250 times larger. Schiff rejected that comparison outright. “Bitcoin is not a real asset so its value has no relationship to gold, equities or real estate,” Schiff wrote.
Schiff also continued his long-running argument that Bitcoin is not a hedge against inflation. On Aug. 21, he disputed the idea that investors should turn to Bitcoin as protection against rising prices. He acknowledged that some investors see Bitcoin that way, but said: “I noted that other people think it is. They are wrong.” He argued that investors seeking inflation protection should instead choose traditional precious metals, saying: “Those choosing inflation instead of gold or silver are making the wrong choice.”
On Aug. 23, Schiff responded to criticism that he had missed out on Bitcoin’s substantial appreciation. He admitted he could have made a lot of money with Bitcoin, but called that old news. He claimed that over the last five years or so he has been better off not owning Bitcoin, adding: “It's the Bitcoin HODLers who have left a lot of money on the table by not selling!”
Schiff also pushed back against attempts to connect Bitcoin with the artificial intelligence boom. He said Bitcoin promoters are trying to attach Bitcoin to the AI narrative, but argued that the relationship may work in the opposite direction. “AI isn’t bullish for Bitcoin; it’s a threat to it,” Schiff wrote.
