Key takeaways
Peter Schiff renews his attack on Bitcoin.
Bitcoin has a rapid 5% decline.
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.
A gold advocate has accused crypto analysts of exaggerating bitcoin’s volatility while dismissing precious metals, which he argues better reflects underlying economic stress.
Schiff said the current divergence, with bitcoin retreating while precious metals soar, reinforces his long-held view that digital assets cannot fulfill the role of “digital gold.”
In a separate exchange on X, Schiff pushed back against a user who said his Bitcoin forecasts consistently missed the mark.
“No I didn’t. You didn’t follow them closely. Yes I didn’t expect a big rise so soon, but the top was made in 2021. Since then I have been more accurate than Bitcoin promoters,” he wrote.
Schiff also mocked the euphoria that surrounded bitcoin during its rally toward $100,000 last year.
“How many people a year ago popping champagne corks at bitcoin $100,000 parties expected 2025 to be so bad? 2026 could be even worse,” he said.
Bitcoin has been the target of Schiff’s criticism for more than a decade, and he has repeatedly asserted gold as the only reliable store of long-term value.
Despite his frequent warnings, Bitcoin has experienced several cycles of boom and bust.
Bitcoin extended its decline over the weekend, falling 5% within hours on Sunday in a move analysts said lacked a clear macro catalyst.
The sudden reversal pushed it below $86,000, wiping out more than $200 billion in market value and triggering nearly $700 million in leveraged liquidations in one day.
CCN analyst Victor Olanrewaju said the decline points to developments in Japan.
The Bank of Japan has recently signaled a rate hike in December as the yen continues to weaken, with USDJPY reaching the 155–160 zone, a level that forced the central bank to intervene.
“In short, the combination of a weakening yen, rising inflation, and a suddenly more hawkish BOJ has rattled markets,” Olanrewaju wrote on CCN.
The post Peter Schiff slams bitcoin as ‘fake asset’ amid falling price, accuses CNBC of ‘hosting bitcoin shills’ appeared first on ccn.com.
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