Economist Says Bitcoin Is A Threat, But The Target Is Not Who You Think

Bitcoin (BTC) skeptic and chief economist Peter Schiff has launched a new attack on the world’s largest cryptocurrency. This time, Schiff argues that BTC is not a threat to the global financial system but rather to those who invest in it. His latest negative remark comes after years of relentless criticism of BTC and continuous advocacy for gold and precious metals. 

In an X post on February 14, Schiff issued a fresh critique of Bitcoin, adding to his long history of negative remarks about the leading cryptocurrency. The chief economist claimed that “Bitcoin is only a threat to those who buy it.” His latest remarks came in response to crypto commentator Jeff Swanson, who had mocked gold enthusiasts for obsessively tweeting about Bitcoin despite calling it irrelevant. 

Swanson’s statements were also a response to a post by ‘Nostra, House of gold,’ another economist on X, who said that if BTC falls to $60,000, it could become a liquidity trigger. 

Schiff’s recent jab at Bitcoin fits his long-standing narrative that the cryptocurrency lacks real value and mainly puts buyers at risk. He has often argued against the idea that Bitcoin is a digital version of gold, suggesting that, unlike gold, which he sees as a real store of value, BTC is a speculative asset with no physical use and likening it to a Ponzi scheme.

Interestingly, Swanson fired back at Schiff’s claims that BTC poses a threat to holders. He noted that the very fact that gold enthusiasts continue to discuss and criticize Bitcoin shows that it matters. He also stated that their strong reactions to BTC indicate they recognize it as a potential challenge to gold’s role as money. 

Swanson highlighted that if BTC were truly a useless asset with a negligible market share or a currency destined to collapse, it would largely be ignored. Yet critics continue to debate and discuss it. While the crypto commentator admitted that he does not foresee gold ever going to zero, he predicted that it will steadily lose ground to Bitcoin over the coming decades. 

Schiff Continues His Gold Advocacy Over Bitcoin

As much as Schiff opposes Bitcoin, he is equally, if not more, enthusiastic about gold and other precious metals. In a recent post, the economist said that BTC is gradually approaching the $70,000 mark, emphasizing the cryptocurrency’s continuous decline over the past weeks to levels not seen since 2024. 

As an alternative to the flagship cryptocurrency asset, Schiff has encouraged investors to buy gold or silver as a hedge against inflation. He often characterizes BTC as an unreliable asset that he believes will eventually fall to zero in the coming years. His latest long-term forecast for the leading cryptocurrency suggests it might crash to $10,000 and find support there.