Peter Schiff, a prominent critic of Bitcoin, took to the stage during the Bitcoin 2025 conference held in Las Vegas. He referred to the Bitcoin community as ‘a giant cult’ and labeled the cryptocurrency as a ‘memecoin’.

Key Points:

• Schiff asserted that the hype surrounding Bitcoin overshadows its substantive value.
• He highlighted the ongoing purchases of gold by central banks as a sign that gold remains the preferred reserve asset.
• He humorously observed that his warnings about Bitcoin may have inadvertently encouraged people to buy it.

During the event, Schiff debated with journalist Natalie Brunell, reiterating his stance that Bitcoin lacks intrinsic value. He argued that the latest wealth created via this digital asset merely shifts from latecomers to early investors, labeling it as a form of ‘pyramid structure’. In his critique, Schiff dismissed the notion that Bitcoin’s rising prices stem from genuine economic principles, in stark contrast with the optimistic sentiments shared by other speakers at the conference.