Peter Schiff Mocks Michael Saylor Amid Bitcoin Crash, Questions BTC’s Value

Notorious Bitcoin critic Peter Schiff took another shot at MicroStrategy cofounder Michael Saylor after the latter tweeted, “One Bitcoin equals one Bitcoin” in response to the recent crypto market crash. Schiff responded sarcastically, “Correct, and that's all it equals,” doubling down on his long-held belief that Bitcoin lacks intrinsic value.

Schiff, a vocal gold advocate, argues that Bitcoin is too volatile to serve as a store of value. During the latest stock market sell-off, he emphasized BTC’s correlation with equities, saying it behaves more like a speculative asset than a safe haven. “Gold acts as a store of value and inflation hedge. Bitcoin is just the riskiest of risk assets—driven by sentiment, greed, and ignorance,” Schiff noted.

In a jab at BTC supporters, Schiff also pointed out the irony that gold, which he champions, is crucial in the manufacturing of Bitcoin mining hardware. As a superior electrical conductor, gold is used in microchips and ASIC miners, making it indirectly essential to the Bitcoin ecosystem. “It’s unfortunate that gold is also used to create and process Bitcoin transactions,” he remarked.

Saylor, a prominent Bitcoin maximalist, has yet to engage Schiff in a public debate. Schiff previously claimed that Saylor declined a debate offer from a pro-Bitcoin moderator in 2021. With MicroStrategy heavily invested in Bitcoin, Schiff recently predicted that the company could face bankruptcy if the crypto market continues to tumble.

As Bitcoin faces increased scrutiny and price pressure, Schiff continues to champion gold’s utility and stability over what he sees as Bitcoin’s speculative nature. The clash between these two financial figures underscores the ongoing debate over Bitcoin’s role in the global financial system.