Foreign media reports that Peter Schiff, a long-time critic of Bitcoin and a proponent of gold, has recently spoken out again, denying that Bitcoin should be compared to gold, stocks, or real estate. His latest statement is mainly in response to the view in the market that Bitcoin should be regarded as an "asset class" or an "anti-inflation tool."
Denial that Bitcoin can be compared to gold
The dispute originated from a discussion about the size of various assets. Crypto analyst Quinten Francois pointed out that the markets for gold, global stocks, and real estate are all significantly larger than that of Bitcoin, using this as evidence to suggest that Bitcoin still has room for expansion.
Shiff directly refuted, stating that Bitcoin 'is not a real asset', and therefore its value should not be correlated with that of gold, stocks, or real estate. According to him, such comparisons are fundamentally untenable.
Rethinking the Anti-Inflation Narrative
Sheiff then turned his criticism towards Bitcoin's anti-inflation positioning. On August 21, he stated that he did not believe Bitcoin could provide effective protection during periods of rising prices.
He acknowledges that there are indeed investors in the market who regard Bitcoin as a tool against inflation, but he clearly disagrees with this judgment. In his view, if investors wish to hedge against inflation, traditional precious metals such as gold and silver are still more suitable choices.
The AI craze may weaken the Bitcoin narrative
Regarding the claim that "Bitcoin has caught up with the AI trading boom," Schiff also holds an opposing view. He believes that some market participants are trying to package Bitcoin as part of the AI theme in order to attract more capital attention.
However, he stated that the relationship between the two is not necessarily beneficial. On the contrary, the rapid development of AI may pose competitive pressure on Bitcoin, rather than providing a boost.
In addition, in response to external criticism about missing out on the rise in Bitcoin prices, Schiff stated that he does not agree with the notion that long-term holders have already come out on top. He believes that not holding Bitcoin in the past few years may not necessarily have been a worse choice, and mentioned that some coin holders might have also missed out on profits due to not selling in time.
This statement continues his consistent position. As a supporter of gold and a long-term critic of Bitcoin, Schiff has repeatedly opposed the notion of Bitcoin being regarded as a safe-haven asset or a tool for value storage in recent years. This speech did not reveal any new data, but it once again reflects that the disagreements in the market regarding the attributes of Bitcoin assets continue to persist.
