- Despite being a longtime Bitcoin critic, Peter Schiff says his vocal opposition has ironically driven more people to buy Bitcoin.
- Schiff slammed Vice President JD Vance and the broader crypto movement, arguing that no real wealth has been created by crypto.
- After reaching an all-time high of $111,814, analysts remain cautious.
Prominent economist and longtime Bitcoin critic Peter Schiff has claimed that he may be responsible for more people owning Bitcoin than anyone else, even as he continues to warn against what he sees as the dangers of cryptocurrency.
In a pair of pointed X posts during his attendance at the Bitcoin 2025 conference, Schiff also criticized Senator JD Vance and the broader crypto movement, claiming they are misleading the public about wealth creation.
Schiff Takes Bitcoin Credit
Schiff believes his outspoken criticism has ironically driven more people to invest in Bitcoin, whether out of defiance or curiosity.
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“Many Bitcoiners on X accuse me of causing a lot of people to lose money because I didn’t recommend that they buy Bitcoin,” he posted on X.
“Well, based on what I’ve been told by countless attendees at Bitcoin 2025, I’m likely responsible for more people owning Bitcoin than any other individual,” he added.
Schiff has often taken an extreme stance in his distrust of Bitcoin, going further in his criticism than most other analysts.
For example, in 2021, Schiff labeled memecoin Dogecoin as the better token over Bitcoin.
In response to criticism of the Elon Musk-backed coin on X, Schiff said the arguments against it were illogical, as he believed there were no differences between Doge and BTC.
“In fact, Dogecoin, despite its being started as a joke, is arguably the superior cryptocurrency,” Schiff stated.
Slams JD Vance and Crypto “Hype”
Shortly after claiming he played a key role in Bitcoin’s growth, Schiff turned his attention to JD Vance.
The Vice President had spoken at Bitcoin 2025 about the masses of wealth that had been created by the rise of crypto, but Schiff strongly disagreed.
“No actual wealth was created, as these tokens do not represent wealth,” Schiff said.
“What has happened is a massive transfer of wealth from those who bought Bitcoin and crypto early to those who bought later,” he added. “In the process, capital has been misallocated and resources squandered.”
A staunch advocate for gold and silver, Schiff also pushed back on the idea that Bitcoin is the best hedge against inflation.
“Vance also said that Bitcoin is a hedge against bad government policy-making and skyrocketing inflation,” he said.
“Since he is part of an administration that is responsible for the former that will result in the latter, Americans are certainly in need of a hedge. But gold and silver, not Bitcoin, will deliver the needed protection,” Schiff added.
Mixed Reactions Online
Schiff’s comments sparked divided opinions online, with many Bitcoin believers accusing him of misunderstanding the benefits of the digital asset.
“With Bitcoin, I’ve been able to move value across borders, pay for things when banks are closed, and stay liquid even when the system says ‘no’,” said one X user .
Another wrote : “[Bitcoin] created a parallel financial system outside of government control, enabling permissionless access to money in an era of endless monetary debasement.”
Others spoke out against gold and silver, claiming they have also not created any wealth and accusing Schiff of not applying his same logic to traditional assets.
“No actual wealth was created, as these gold nuggets do not represent wealth,” one X user wrote .
“What has happened is a massive transfer of wealth from those who bought gold early to those who bought later. In the process, capital has been misallocated and resources squandered,” they added.
Bitcoin Price
Bitcoin made headlines on May 22 when its price hit a new all-time high of $111,814.
At the time of reporting, its price has dropped to $107,780, though analysts believe a prolonged correction is unlikely.
If the pullback continues, Bitcoin could fall below $100,000 in June.
According to on-chain analytics platform Santiment, Bitcoin whales holding between 100 and 1,000 BTC have purchased 122,330 coins in the last six weeks.
This group of buyers is often one of the most influential forces affecting Bitcoin’s price, suggesting a possible upward trend in the near future.
However, analysts at crypto derivatives exchange Bitunix advised caution.
“BTC’s short-term pressure is around $110,800, where most of the past rebounds have stopped, and which is the core of the war between the bulls and the shorts,” they told CCN.
“Support at $108,000 is the main long defense zone in the past two days. If it breaks down, it may trigger profit-taking pressure and turn into a short bias structure,” the analysts added.
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