“I told people not to buy Bitcoin — they bought more” — was Peter Schiff the most effective evangelist at Bitcoin 2025?
When even critics like Peter Schiff show up at Bitcoin 2025, has Bitcoin finally become too big to ignore â or too tempting to ridicule from within?
Table of ContentsJD Vanceâs Bitcoin dreams collide with Peter Schiffâs Bitcoin cynicismPeter Schiffâs latest stunt at Bitcoin 2025Peter Schiffâs Bitcoin saga began long before the crypto conference inviteA lonely contrarian at Bitcoin 2025
JD Vanceâs Bitcoin dreams collide with Peter Schiffâs Bitcoin cynicism
The Bitcoin 2025 conference unfolded in late May at the Venetian Convention Center in Las Vegas, drawing a wide cross-section of the global crypto community under one roof.Â
Held from May 27 to 29 and organized by BTC Inc., the event was billed as the worldâs largest gathering of Bitcoin (BTC) advocates and brought together an eclectic mix of policymakers, investors, entrepreneurs, and open-source developers, all broadly united around the idea of accelerating global Bitcoin adoption
Attendees included prominent political and business figures such as Senator Cynthia Lummis, Vice President JD Vance, Eric Trump, and Strategyâs Michael Saylor, each offering a different lens into Bitcoinâs growing role in money, policy, and power.
Over three days, the event offered a sharp look at Bitcoinâs place in geopolitics, financial infrastructure, and institutional strategy.Â
Senator Cynthia Lummis called for clearer regulatory frameworks to encourage innovation. Vice President JD Vance praised Bitcoinâs ability to create new wealth outside traditional banking systems.Â
Michael Saylor, never one to pull back on conviction, laid out a timeline in which Bitcoin replaces gold and fiat entirely, forecasting a price of $13 million by 2045. Eric Trump spoke of family-led mining ventures, adding a layer of political proximity to the asset class.Â
Panels also dug into everything from layer 2 scaling to custody standards, while booths buzzed with startups pitching new solutions in payments, wallets, and decentralized ID.
And yet, amid this crowd of advocates and visionaries, one attendee stood out for an entirely different reason: Peter Schiff.Â
Known for his long-standing skepticism toward Bitcoin and his frequent warnings about its volatility and lack of intrinsic value, Schiffâs attendance caught many off guard.
What exactly did he say this time, and how has his relationship with Bitcoin evolved over the years? Letâs take a closer look.
Peter Schiffâs latest stunt at Bitcoin 2025
On May 28, during a fireside chat with journalist Natalie Brunell, Schiff delivered a set of remarks that stayed consistent with his long-held skepticism toward Bitcoin.Â
Known for his advocacy of gold and criticism of fiat currencies, Schiff opened the conversation with a pointed comparison, referring to Bitcoin as a âmemecoinâ rather than a meaningful store of value.Â
He argued that Bitcoinâs price is shaped more by speculative hype than by economic fundamentals, stating that it lacks the intrinsic value found in commodities like gold and silver.
Schiff questioned the widely promoted idea of Bitcoin as âdigital gold,â a phrase frequently used by Bitcoin supporters to highlight its scarcity and decentralized nature.Â
To challenge that notion, he pointed to the behavior of central banks. âIf gold is the past and Bitcoin is the future,â he asked, âwhy are central banks still accumulating gold and not Bitcoin?âÂ
According to Schiff, gold continues to be the reserve asset of choice for governments and central banks precisely because of its physical and historical permanence.
He also used the platform to revisit broader economic concerns, reiterating his long-standing warnings about the U.S. fiscal trajectory. He criticized the growing national debt and rising inflation, describing them as symptoms of a deeply fragile monetary system.Â
However, in contrast to many Bitcoin advocates at the conference, Schiff dismissed Bitcoinâs role as a hedge in such scenarios. He argued that Bitcoinâs price swings and lack of intrinsic utility undermine its reliability during crises, especially when compared to tangible assets like precious metals.
One of the more widely discussed moments of the session came when Schiff humorously reflected on his role in Bitcoin adoption. âEvery time I tell people not to buy Bitcoin, they buy more,â he said.Â
He then added, âIâm probably responsible for more people owning Bitcoin than anyone else at this conference,â sparking humour and amusement among the attendees.
Schiff also responded to Vice President Vanceâs assertion that Bitcoin had created unparalleled wealth over the past decade.Â
At Bitcoin 2025, JD Vance spoke about all the wealth created by Bitcoin and crypto. No actual wealth was created, as these tokens do not represent wealth. What has happened is a massive transfer of wealth from those who bought Bitcoin and crypto early to those who bought later.â¦â Peter Schiff (@PeterSchiff) May 28, 2025
He disagreed with the premise, suggesting that what Bitcoin enables is not wealth creation in the traditional sense, but rather a transfer of value from those entering early to those entering late, mirroring a pyramid-like structure rather than genuine economic innovation.
Peter Schiffâs Bitcoin saga began long before the crypto conference invite
As chairman of SchiffGold and chief economist at Euro Pacific Capital, Schiff has repeatedly rejected the notion that Bitcoin holds any intrinsic value, often referring to it as a modern-day financial fad.Â
His criticisms began early, long before digital assets gained mainstream attention, and have consistently drawn on historical comparisons.Â
He compared Bitcoin to speculative bubbles such as the Dutch tulip mania of the 1600s, suggesting that enthusiasm around crypto is driven more by fear of missing out than by rational investment fundamentals.
In 2019, Schiff was openly dismissive of projections that Bitcoin could one day reach $100,000, famously calling it âdigital foolâs goldâ and predicting it would eventually âgo to zero.âÂ
When Bitcoin did cross the $100,000 mark in December 2024, he did not revise his stance. Instead, he attributed the rally to political influence and institutional lobbying, stating on social media that the price surge came from âbuying off politicians and getting in bed with the government,â rather than genuine market confidence or fundamental strength.
It's ironic that #Bitcoin only hit $100k by buying off politicians and getting in bed with government. Without expected government intervention, this milestone never would have been hit. What couldn't be done in a free market was achieved through the cohesive power of the state.â Peter Schiff (@PeterSchiff) December 5, 2024
In March 2025, he announced what he called a âStrategic Bitcoin Reserve,â referencing the U.S. governmentâs own reserve strategy.Â
âJust like the U.S. government, Iâm developing a budget-neutral strategy for acquiring my bitcoin at no incremental cost,â he wrote, before posting a wallet address and inviting contributions.Â
I've decided to create my own Strategic Bitcoin Reserve. Just like the U.S. government, I'm developing a budget-neutral strategy for acquiring my bitcoin at no incremental cost. Phase one of my strategy is inviting contributions to my reserve.3CfJ9FqLPEWHnqf9PD5EWXTby8qYQ66BRXâ Peter Schiff (@PeterSchiff) March 8, 2025
Soon after, he followed up with another remark: âSo far my Strategic Bitcoin Reserve is still empty. But Iâm developing a Digital Asset Stockpile too. Several people have already sent me Solana. It seems that blockchain is much faster than Bitcoin.â
Volatility is another area of concern in Schiffâs analysis. In April 2025, he noted that the U.S. Bitcoin Reserve had declined 12% in a single month while gold had gained 2%, using it to argue that Bitcoin cannot serve as a stable hedge in periods of financial stress.Â
His critique gained more traction when he predicted that the same financial system crisis that had once helped fuel Bitcoinâs rise in 2008 could now be the reason for its downfall. âBitcoin was born out of the financial crisis of 2008. Ironically, the financial crisis of 2025 will kill it,â he stated.
Bitcoin was born out of the financial crisis of 2008. Ironically, the financial crisis of 2025 will kill it.â Peter Schiff (@PeterSchiff) April 10, 2025
Schiffâs skepticism also extends to individual players in the space. He has frequently criticized Saylorâs aggressive Bitcoin acquisition strategy at Strategy, calling it financially irresponsible.Â
He has also poked fun at the broader crypto culture. In one instance, he claimed Dogecoin (DOGE) might be more honest than Bitcoin because its âopen stupidityâ makes it less misleading.Â
Despite his critiques, Schiffâs consistent engagement with Bitcoin has led to ongoing speculation about his true position. Anthony Pompliano and others in the crypto community have jokingly suggested that Schiff secretly admires Bitcoinâs staying power, though Schiff has repeatedly denied this.
A lonely contrarian at Bitcoin 2025
Schiffâs decision to attend Bitcoin 2025 came as a surprise to many in the crypto world. On May 26, he confirmed his involvement, stating that he would be presenting âcontrarian opinionsâ at the event.Â
âIâm off to Las Vegas for the Bitcoin conference this morning, where, ironically, Iâll likely be the speaker who best understands Bitcoin,â he posted on X.
Iâm off to Las Vegas for the Bitcoin conference this morning, where, ironically, Iâll likely be the speaker who best understands Bitcoin. pic.twitter.com/hCor86JiMnâ Peter Schiff (@PeterSchiff) May 26, 2025
When asked on social media why he was attending an event centered on a technology he frequently criticizes, Schiff offered a direct answer. âItâs better to present contrarian opinions. What good is an echo chamber?â he responded, before adding that he would âburyâ Bitcoin in the conversation.
The tone extended beyond the post. Schiff was photographed at the conference wearing a red cap reading âMake Bitcoin Great Again,â a clear signal that he had come prepared to provoke discussion.Â
On the ground at the Venetian Convention Center, Schiff shared an image of his small booth at the exhibit hall and noted, âBy the time Bitcoin crashes for good, maybe Iâll be the one with the fancy booth.âÂ
Just set up my booth at the exhibit hall of Bitcoin 2025. It's the most modest booth here. By the time Bitcoin crashes for good, maybe I'll be the one with the fancy booth. pic.twitter.com/NhfSAS6WzXâ Peter Schiff (@PeterSchiff) May 27, 2025
Some Bitcoin advocates accused him of âengagement farming,â suggesting that he frequently mentions Bitcoin to drive attention rather than out of genuine interest. Others speculated, as they have for years, that he holds Bitcoin privately despite his public disapproval.Â
That speculation intensified in April 2025, when Schiffâs investment firm, Euro Pacific Asset Management, was found to have indirect exposure to a Bitcoin-backed bond through Samara Asset Group.
What made Schiffâs presence even more notable was the lack of other critical voices on stage. Most speakers at Bitcoin 2025 promoted the assetâs benefits, future potential, and role in reshaping finance.Â
Schiff was one of the only participants to challenge that narrative openly. His debate with Natalie Brunell during the fireside chat served as the conferenceâs clearest example of intellectual opposition.Â
Brunell urged him to reevaluate his position, suggesting he might eventually recognize Bitcoinâs merit. Schiff replied with a familiar stance: âIâm waiting for my moment to say âI told you so.â
Audience reactions have been mixed. Some enthusiasts, as noted in community forums like Reddit, felt that including Schiff gave the event more credibility, encouraging open debate. Others questioned whether his participation undercut the conferenceâs mission.Â
Regardless of interpretation, in 2025 even the strongest critics have become part of the larger Bitcoin conversation, shaping its evolution not just from the sidelines, but from within the room.
2025-05-29 21:12:35
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