Did Peter Schiff Just Predict Bitcoin’s Doom—Or Fuel Its Rise Again?

On Tax Day in the US, gold bug and EuroPac CEO Peter Schiff took to X Spaces for a four-hour tirade—one that made headlines, sparked debates, and reignited the age-old Bitcoin vs. gold war.

Schiff didn’t just throw shade. He hurled bricks.

From calling Bitcoin a “fraud” to claiming that Michael Saylor’s Bitcoin-hoarding firm—MicroStrategy (now rebranded as “Strategy”)—is on the path to bankruptcy, Schiff went all-in. But here’s the catch: every time Schiff screams Bitcoin’s obituary, it seems to bounce even higher.

And this time? It’s no different.

Schiff’s Firestorm: Gold Good, Bitcoin Bad

Kicking off the long podcast, Schiff argued that Bitcoin has failed to live up to its “digital gold” label. “It doesn’t trade like gold,” he said, calling the whole comparison “marketing fraud.”

To Schiff, Bitcoin is just a “super risk asset.” He questioned its purpose entirely:

“We got plenty of risk assets out there. At least a tech stock has a story. Bitcoin has nothing.”

But Bitcoiners will tell you: that’s the point. Bitcoin isn’t a business or a stock—it’s a new form of money. Its “story” isn’t tied to quarterly earnings; it’s anchored in scarcity, decentralization, and a track record of beating nearly every other asset on earth over the last decade.

The Numbers Schiff Can’t Ignore

Here’s what Schiff conveniently skipped: Since 2010, Bitcoin has skyrocketed over 2.82 billion percent. Gold? Respectable, but nowhere near that stratosphere. Even in just the past 12 months (as of mid-April), Bitcoin is up 36%.

That’s not a “risk asset flopping”—that’s an asset still leading.

If this is failure, most investors would be happy to sign up.

Michael Saylor, meanwhile, is doubling down. Despite Schiff’s predictions of doom, Strategy continues to buy more Bitcoin, ignoring the noise and betting on the math. And so far, it’s working.

What Schiff Doesn’t Want to Admit

Ironically, the very thing Schiff criticizes—Bitcoin’s volatility and speculative fervor—is what has made it such a powerful wealth generator. But beyond price action, there’s utility too.

Bitcoin is not just a store of value. It’s a global banking protocol, open 24/7, permissionless, and borderless. In an era of increasing financial censorship and crumbling fiat trust, that utility matters.

And here’s what’s wild: every time Schiff takes a shot, Bitcoin doesn’t fall—it often rises. Like a weird form of reverse psychology.

The Real Risk

Schiff may be right about one thing: Bitcoin is risky. But what’s riskier—betting on a finite digital asset with increasing adoption, or trusting in centralized fiat systems bloated with debt and inflation?

Gold has its place. But calling Bitcoin a scam while ignoring its decade-long outperformance and growing global relevance feels less like informed criticism—and more like willful denial.

Peter Schiff can keep ranting. Bitcoin will likely keep climbing. And Michael Saylor? He’ll keep stacking.

The question now is: who’s really going bankrupt—Bitcoin, or the old-school mindset that refuses to understand it?

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