Key takeaways
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Peter Schiff renews his attack on Bitcoin.
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Bitcoin has a rapid 5% decline.
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Analysts point to a possible December BOJ rate hike and a weakening yen as catalysts for the crypto market.
Longtime critic Peter Schiff renewed his attack on bitcoin this week, labeling it a “fake asset” and accusing media outlet CNBC of ignoring mounting evidence of its structural weaknesses.
Schiff’s comments came as bitcoin fell nearly 5% in the past day, sparking concern in the community.
On November 30, Schiff argued that Bitcoin’s latest slide cannot be written off as part of a broader shift away from risk.
“Bitcoin is not being sold because it is a risk asset, but because it is a fake asset,” he wrote.
Adding: “The Nasdaq is down 2% from its record high, but Bitcoin is down 28% from its record high. This shows that there is more than just risk-off at play. It is a rotation from a fake to a real asset.”
Bitcoin has faced renewed volatility in early 2025, with major stock indices underperforming despite earlier forecasts of renewed institutional demand.
Schiff also said that early on in Bitcoin’s rise, he misunderstood market psychology, not the underlying technology.
“The biggest mistake I made with Bitcoin when I first learned about it was to overestimate the ability of others to understand why it didn’t work,” he said.
Veteran gold advocates have repeatedly argued that Bitcoin’s value proposition is illusory and that markets will eventually reject it.
Schiff’s comments come after earlier claims that Bitcoin fails as both a medium of exchange and a store of value.
“Bitcoin has no future. It is not a good medium of exchange for payment,” he wrote in X, stressing that some high-profile tech investors have also changed their stance.
Schiff pushed gold-backed digital tokens as the best option, saying:
“If you also want a store of value, tokenized gold wins hands down. The race to get out of Bitcoin is on. Don’t be last,” he wrote.
Schiff broadened his criticism beyond Bitcoin, taking aim at media outlets and commentators he said have failed to challenge bullish narratives surrounding the crypto.
He alleged that CNBC interviewers routinely avoid tough questions and ignore the accuracy of previous predictions.
“CNBC will continue to host bitcoin shills for softball interviews where they refuse to hold their guests accountable for their horribly wrong bitcoin predictions,” he wrote on X.
