Peter Schiff has returned with another sharp critique of Bitcoin, mentioning Michael Saylor’s Strategy, as Bitcoin crashed below $104,500 in early Asian trading. The drop came just as gold spiked above $3,410 following renewed tensions between Israel and Iran, deepening a trend that Schiff says proves Bitcoin has already topped out.
For Schiff, the latest move isn’t just about short-term price action. It’s about what Bitcoin hasn’t done, even after years of global attention.
The economist and gold advocate argued that despite every bullish catalyst Bitcoin has had, spot ETFs, El Salvador adopting it as legal tender, celebrity endorsements, institutional FOMO, NFTs, and billions in corporate buying, it has still failed to outperform gold during times of crisis.
In his words: “Bitcoin is now more than 15% below its Nov. 2021 peak… The bubble has peaked. Whales have been cashing out to latecomers who will be left holding the bag.”
It wasn’t just Bitcoin in his crosshairs. Schiff once again called out MicroStrategy, the tech firm that turned Bitcoin proxy, which has accumulated over 1% of all circulating BTC.
He criticized the company’s decision to leverage its balance sheet to acquire Bitcoin, pointing out that MicroStrategy’s stock performance is almost entirely tethered to Bitcoin’s fate. He’s said this before, but the timing hit harder this time: as gold rose in response to a geopolitical flashpoint, Bitcoin fell, and so did MSTR.
Schiff has consistently criticized MicroStrategy and its executive chairman, Michael Saylor. Over the past few years, he has accused Saylor of steering the company away from its core business and into high-risk territory.
He’s repeatedly warned that the firm has become a glorified Bitcoin fund with exposure most shareholders may not fully understand.
A lot of people in the crypto world have brushed off Peter Schiff’s views as old-school or too negative, but the latest market moves are starting to make his warnings feel a bit more real.
Bitcoincrash, especially when gold is climbing during global unrest, is exactly the kind of scenario Schiff has been warning about for years. And now, he’s using that gap to suggest that the so-called “digital gold” may be running out of steam.
What really stands out about Schiff’s latest takedown is the timing. 2025 has been a big year for Bitcoin, ETFs launched, rules became clearer, and more companies bought in. But even with all that momentum, gold is doing better, and Schiff is making sure everyone sees it.
While Saylor and MicroStrategy have doubled down on their long-term conviction, Schiff sees the entire strategy as one big leveraged bet that could end badly. His broader point is simple: hype has its limits, and when liquidity dries up, only the real stores of value will hold.
In his view, Bitcoin has become just another speculative asset, and the institutions that went all-in, especially those using leverage, could be the first to feel the impact if sentiment shifts.
Whether or not the market agrees with him, Schiff’s message hasn’t changed. And with gold climbing on the back of real-world events, while Bitcoin slips, he’s once again seizing the moment to say: I told you so.
Also Read: Peter Schiff Finally Admits Regret Over Not Buying Bitcoin