Peter Schiff causes the community crypt in Bitcoin 2025: “They are a cult and BTC is a memecoin”

In a heated talk in Las Vegas, the economist defended gold as the only active reserve asset and called to Bitcoin of “Financial Pyramid.”

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• Peter Schiff unleashed controversy by describing Bitcoin as Memecoin and his community as a cult.
• He assured that gold remains the true reserve for central banks.
  
• Rejected the idea of ​​wealth creation in Bitcoin, calling her financial pyramid.

Peter Schiff, a renowned critic of the main digital currency and firm gold defender, turned on the controversy on Thursday during the event Bitcoin 2025since during a live enterovista he described the community BTC as “A giant cult.”

According to a report published by COINDESK, Schiff, who reached notoriety as a stockbroker and gold promoter, dismissed the value of the digital asset and compared it with a memecoin. “Every time I tell people not to buy bitcoin, they end up buying more,” Ironized. “I am probably responsible for more people to have bitcoin than any other at this conference.”

A persistent criticism of Bitcoin

During his speech, Schiff reaffirmed the position he has been defending for years, reiterating that “Bitcoin has no intrinsic value”. According to him, this factor disqualifies him as a reserve of legitimate value against gold. As an argument, he cited the behavior of the world’s central banks, which continue to accumulate gold instead of Bitcoin: “That demonstrates which is still the true reserve asset”held.

The economist took the moment to question the alleged creation of wealth attributed to cryptocurrency. Instead of seeing it as an innovation vehicle, he described it as a pyramidal scheme where the new investors finance the profits of the former.

“It is a transfer of wealth, not value creation. It is a pyramid, not an innovation,” Schiff sentenced, causing mixed reactions among the attendees, who responded with laughter, whistles and some boos.

Schiff’s statements contrasted sharply with the predominant tone of the conference, where multiple panelists praised the institutional growth of Bitcoin and its impact on global financial markets.

That same day, the United States vice president, JD Vance, had praised the cryptocurrency for having generated “Unprecedented wealth” In the last decade. For Schiff, these statements do not reflect a sustainable reality, but a narrative based on speculative enthusiasm.

The financial skeptic also warned that Many of the current investors are motivated more by the expectation of obtaining profits than by a real understanding of the economic foundations behind Bitcoin. In his opinion, the price of the asset remains afloat thanks to advertising and community fervor, not for technical or economic merits.

An old confrontation with new layers

Schiff’s criticisms are not new. He has been warning about what he considers a digital bubble. However, your participation in an event such as Bitcoin 2025 Evidence that the debate is still valid and, perhaps, more polarized than ever.

Far from being intimidated by the mostly pro -bitcoin audience, Schiff seemed to enjoy the ideological confrontation. In the end, he even joked about his involuntary role as a promoter of cryptocurrency: “I am like an antihero: the more I speak against, the more it grows.”

Despite his opinions, his presence at the conference was a clear sign that the ecosystem Bitcoin He no longer refuses the critical voices. On the contrary, it includes them as part of the necessary dialogue to evaluate their future.

Bitcoin 2025 This weekend continues with panels focused on technological innovation, global regulation and the geopolitical impact of cryptocurrencies.

Written article with the help of an AI content editor, edited by Angel Di Matteo / Diariobitcoin

Original image of Diariobitcoin, created with artificial intelligence, for free use, licensed under public domain.

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