Bitcoin Critic Peter Schiff Speaks Again: Is It True That “Gold Will Pump First, Then Bitcoin”?

In an interview with Coinage, renowned economist Peter Schiff shared his prediction that gold could reach $7,000, while also continuing his harsh criticism of Bitcoin and the cryptocurrency market.

Peter Schiff, nicknamed the “Golden Beetle” of the economic world, has raised his target to $7,000 and above after gold surpassed the $5,000 mark. However, Schiff’s main focus has been on Bitcoin, the leading digital asset.

Schiff argued that the theory frequently cited by Bitcoin supporters—”gold rises first, then Bitcoin follows”—is completely false. Based on recent data, the renowned economist made the following claims:

He noted that gold has been breaking records since the beginning of 2024, but Bitcoin has lost more than 50% of its value against gold (BTC/Gold).

Schiff stated that marketing Bitcoin as “digital gold” or “Gold 2.0” is a huge scam, and claimed that Bitcoin has no real fundamental value.

Schiff attributed Bitcoin’s approach to the $100,000 level to two main factors rather than a technological or financial success. He argued that Wall Street entered the market not because it believed in Bitcoin’s properties, but to profit from the gambling demands of its clients. He also pointed out that Donald Trump adopted a “pro-Bitcoin” stance to garner crypto votes and donations, which artificially boosted the price.

Schiff also targeted Michael Saylor, one of Bitcoin’s biggest proponents. He claimed that Saylor had made billions of dollars in purchases over the past five years, but his return per share lagged behind traditional investments like the S&P 500. According to Schiff, MicroStrategy has now entered a “Ponzi”-like cycle.

*This is not investment advice.