{"id":29273,"date":"2025-05-29T15:17:32","date_gmt":"2025-05-29T15:17:32","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=29273"},"modified":"2025-05-29T15:17:32","modified_gmt":"2025-05-29T15:17:32","slug":"peter-schiff-calls-bitcoin-a-giant-cult-doubles-down-on-gold","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=29273","title":{"rendered":"Peter Schiff Calls Bitcoin a &#8216;Giant Cult,&#8217; Doubles Down on Gold"},"content":{"rendered":"<div>\n<p>Peter Schiff, one of Bitcoin\u2019s most vocal critics, took the stage at the Bitcoin 2025 conference on Thursday and didn\u2019t hold back. During a fiery conversation with journalist Natalie Brunell at the Venetian Convention Center in Las Vegas, the longtime gold advocate dismissed the Bitcoin BTC community as \u201ca giant cult\u201d and said the digital asset resembles a \u201cmemecoin.\u201d<\/p>\n<\/p>\n<p>Schiff, who rose to prominence as a stockbroker and gold bug, has long argued that bitcoin has no intrinsic value. On stage, he reiterated that claim and pointed to global central banks still accumulating gold \u2014 not bitcoin \u2014 as evidence that gold remains the true reserve asset.<\/p>\n<\/p>\n<p>\u201cEvery time I tell people not to buy bitcoin, they buy more,\u201d he quipped. \u201cI\u2019m probably responsible for more people owning bitcoin than anyone else at this conference.\u201d<\/p>\n<\/p>\n<p>His comments came in response to U.S. Vice President J.D. Vance, who said earlier that day that bitcoin had created \u201cunparalleled wealth\u201d over the last decade. Schiff pushed back, arguing that the wealth generated by the crypto asset doesn\u2019t represent value creation but rather a transfer of wealth from latecomers to early adopters. \u201cIt\u2019s a pyramid structure,\u201d he said, \u201cnot innovation.\u201d<\/p>\n<\/p>\n<p>While the crowd responded with a mix of laughter and groans, Schiff stayed on message: bitcoin\u2019s price, he said, is propelled by hype, not economic fundamentals. The jab stood in contrast to the rest of the week\u2019s festivities, where many speakers celebrated bitcoin\u2019s growing institutional acceptance and financial footprint.<\/p>\n<p><em>Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk\u2019s full <a href=\"https:\/\/www.coindesk.com\/ethics\">AI Policy<\/a>.<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Peter Schiff, one of Bitcoin\u2019s most vocal critics, took the stage at the Bitcoin 2025 conference on Thursday and didn\u2019t hold back. During a fiery conversation with journalist Natalie Brunell at the Venetian Convention Center in Las Vegas, the longtime gold advocate dismissed the Bitcoin BTC community as \u201ca giant cult\u201d and said the digital [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-29273","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/29273","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=29273"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/29273\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29273"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29273"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29273"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}