Peter Schiff Dubs Bitcoin a ‘Giant Cult’ and Insists on Gold 🥇

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What to know:

  • Peter Schiff—perennial purveyor of gold and grumpy naysayer—decided to lecture us all that Bitcoin’s just a “giant cult,” more about hype than hope 😊.
  • He argued, with the smug confidence of a gold standard evangelist, that central banks still hoard gold—proof that Mother Earth’s shiny metal remains the “real” reserve asset 🌎✨.
  • In a masterstroke of sarcasm, Schiff joked that warning folks about Bitcoin might have inadvertently turned him into its best salesman—well played, sir 💸😂.

Peter Schiff, crusader of the golden glow and critic of all that glows digital, stormed onto the Bitcoin 2025 stage at the Venetian (Las Vegas’s glittery temple of cryptocurrency confusion). He dismissed the Bitcoin community as “a giant cult,” akin to a Bernie Sanders rally but with more memes and less socialism. With a voice dripping in disapproval, he claimed that this “digital wonder” is nothing but a “memecoin,” an insubstantial blip on the radar of serious finance.

Once a stockbroker’s stockbroker and an unwavering advocate of physical prosperity, Schiff insists bitcoin holds no intrinsic value—much like a banana taped to a wall, but with fewer nutrients. He pointed out that global central banks keep buying gold (shocking, isn’t it?), thereby proving the tried-and-true nature of the yellow metal as the ultimate reserve—less flashy but infinitely more venerable than some flash-in-the-pan crypto.

“Every time I tell folks not to buy bitcoin,” Schiff quipped, grinning with the slyness of a chess master who’s just checkmated himself, “they just buy more. Probably responsible for more hodlers than anyone here.” Oh, the sweet irony of it all—naysayers fueling the very frenzy they denounce.

As if to crown his performance, he clashed with U.S. Vice President J.D. Vance, who earlier claimed that bitcoin has crafted “unparalleled wealth”—a phrase that Schiff, with a sardonic smile, dismissed as wealth transfer, not creation. “It’s just a pyramid,” he said, adding, “no real innovation, just the same old scheme dressed up in techy attire.”

The audience, a lovely cocktail of laughter and groans, was invited to ponder whether bitcoin’s meteoric rise is fueled not by economic fundamentals but by nothing more than smoke, mirrors, and a generous sprinkling of hype. Meanwhile, the week’s festivities showcased excited cheers for bitcoin’s institutional embrace—ah, capitalism’s new shiny toy, or just another bubble waiting to burst? 🤔

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2025-05-29 18:39