- Peter Schiff said he drove Bitcoin adoption more than anyone
- Schiff calls Bitcoin a gigantic casino
- Peter Schiff slammed JD Vance and Trump for encouraging Americans to buy Bitcoin
Peter Schiff is a versatile and popular individual whose popularity increased further for his point of view on Bitcoin. While global organizations started recognizing the potential of Bitcoin, Schiff continues to dismiss it. His latest Bitcoin 2025 Conference speech reaffirms he isn’t going to support Bitcoin anytime soon.
In one of his latest posts on X, Peter Schiff sort of blamed himself for driving Bitcoin adoption. His X post reads,
“Based on what I’ve been told by countless attendees at Bitcoin 2025, I’m likely responsible for more people owning Bitcoin than any other individual.”
Peter Schiff explicitly said many times not to buy Bitcoin, and it doesn’t have a real-world value. However, the more he said not to buy Bitcoin, the more he advocated for it. This has eventually led to more people buying it. Schiff’s statement comes at a time when countries across the globe are starting to adopt Bitcoin for their national reserves.
Peter Schiff Calls Bitcoin a Gigantic Casino
The Bitcoin 2025 Conference is happening in Las Vegas, with popular individuals and crypto leaders making an appearance. Despite having many Bitcoin proponents at the event, Peter Schiff didn’t back out from making his comments on Bitcoin. Schiff said Bitcoin is like a “gigantic casino,” and people who created cryptocurrencies got wealthy because the wealth of the buyer was transferred to the seller.
Schiff made some serious remarks about cryptocurrencies, saying,
“Some people make money because other people lose money. That’s how crypto works.”
It is sad that Peter Schiff is looking at Bitcoin and cryptocurrency from only one angle, i.e., trading. However, he seems to be missing out on the major point that Bitcoin has a limited supply and can be used for real-world transactions without having to depend on a centralized system. Eliminating intermediaries and making value transfer simpler, faster, and more efficient across borders is what the motto of Bitcoin is.
Peter Schiff Slammed JD Vance on His Bitcoin Wealth Speech
Peter Schiff criticized JD Vance and the US government for encouraging Americans to buy Bitcoin. He mentioned JD Vance’s speech post Bitcoin 2025 Conference day 2, during his speech, as well as in his X post. His post read,
“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.”
Schiff also pointed out that Vance said Bitcoin is a hedge against inflation and condemned the fact that Bitcoin is a hedge. He rather suggested that Trump and Vance work on good government policies to reduce inflation. And he recommended gold and silver, instead of Bitcoin, as a hedge against inflation.
As Peter Schiff is making his point on why Bitcoin is not a real currency, another country, Pakistan, announced its plans to create a Bitcoin strategic reserve.
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