Peter Schiff Criticizes Bitcoin as a ‘Cult,’ Emphasizes Gold’s Value

Peter Schiff Dismisses Bitcoin as a ‘Memecoin’ and ‘Cult’ at Bitcoin 2025 Conference, Reaffirms Gold’s Superiority

At the Bitcoin 2025 conference in Las Vegas, noted gold advocate and vocal Bitcoin skeptic Peter Schiff delivered sharp criticism of the cryptocurrency, calling Bitcoin a “memecoin” and describing its community as “a giant cult.” His remarks sparked mixed reactions among attendees.

During a conversation with journalist Natalie Brunell at the Venetian Convention Center, Schiff reiterated his longstanding view that Bitcoin lacks intrinsic value. He cited the continued accumulation of gold by global central banks as evidence that gold remains the preferred reserve asset worldwide.

“Every time I advise against buying Bitcoin, people seem to buy even more,” Schiff said. “Inadvertently, I might have encouraged more Bitcoin ownership than anyone else here.”

Schiff’s comments directly challenged earlier remarks by U.S. Vice President J.D. Vance, who praised Bitcoin’s role in creating “unparalleled wealth” over the last decade. Schiff countered that Bitcoin’s gains represent a transfer of wealth from late investors to early adopters rather than true value creation. “It’s a pyramid scheme masquerading as innovation,” he said.

The audience’s response was mixed, ranging from laughter to groans, but Schiff remained firm, asserting that Bitcoin’s price is driven by hype instead of economic fundamentals. His viewpoint contrasted sharply with the optimism of other conference speakers who celebrated Bitcoin’s increasing institutional acceptance and expanding financial presence.