Peter Schiff called Bitcoin a “threat to national security” and accused it of being used to bribe government officials and misuse public funds. Despite his warnings, Bitcoin's rise in popularity and price continued to defy his predictions, including his claim that Bitcoin would never reach US$100,000. Nate Geraci and Eric Voorhees humorously criticized Schiff's comments, highlighting the irony of criticizing Bitcoin while ignoring larger economic issues such as $36 trillion in debt.
Oh, Peter Schiff is at it again. This time, the number one Bitcoin hater says BTC is a “threat to national security,” but don't laugh so hard just yet. He said this is being used to bribe government officials and accuse them of misusing public funds to invest in cryptocurrencies.
It's another thing for private citizens to voluntarily waste their own money to buy Bitcoin. But when you bribe government officials and waste the people's money to buy it, you cross the line.
peter schiff
Related: Bitcoin's flash crash to $90,000 wipes out over $1 billion in leveraged positions
The old man yells at Cloud (again)
Schiff is known for championing gold as a reliable store of value and has been an honestly worrying critic of Bitcoin. He previously called the coin's success “the biggest bubble in history,” citing the coin's lack of “intrinsic value compared to gold.”
Despite his warnings, Bitcoin's price and adoption continue to grow, defying many of his predictions. He also said that Bitcoin will never reach US$100,000 (A$155,000).
To say the comments were interesting would be an understatement.
Nate Geraci, president of ETF Store, responded with humor to Schiff's latest comments:
In just 11 months, Bitcoin has evolved from a sinking ship to a national security threat…and you love to see it.
Nate Geraci, President of ETF Store
Erik Voorhees, founder of Venice.ai, added:
Yes, the problem is Bitcoin, not $36 trillion in debt.
Eric Voorhees, Founder of Venice.ai
Schiff has always said that gold is better than Bitcoin as a store of value and a hedge against inflation. However, in hindsight, he admitted that had he predicted the current size, he would have invested in BTC when it was priced at just $1.
Schiff characterized Bitcoin's rise as the product of a crowd-driven frenzy and predicted severe consequences when market momentum breaks. “When the bubble finally bursts, the overall losses will be staggering,” Schiff warned.
Related: Ethereum ETF surges on steady inflows, a sign of market improvement
Bitcoin has become so popular and powerful that Schiff is forced to admit, “I wish I had bought it sooner.” But for now, we can enjoy watching his rants and complaints about X.
