Peter Schiff Challenges Bitcoin’s All-Time High Expectations

Peter Schiff challenges the recent enthusiasm for Bitcoin, asserting it remains 15% below its September 2021 peak when valued against gold. He claims the weakening dollar could harm consumers rather than empower Bitcoin’s pricing. Despite Bitcoin trading above $105,000, Schiff maintains a sceptical stance, arguing its legitimacy as a financial asset is still unproven.

The excitement around Bitcoin seemed to be gathering momentum, with some anticipating new all-time highs. However, Peter Schiff, a well-known economist and proponent of gold, added a dose of skepticism to the mix. On Tuesday, he highlighted that despite Bitcoin’s rally, it remains around 15% below its peak when priced in gold from September 2021. This comment came amid discussions about a weakening dollar, which has fallen to its lowest against the euro since late 2021.

Many in the crypto community are interpreting the dollar’s decline as a potential boost for Bitcoin and other hard assets, but Schiff remains doubtful. He claims that a weaker dollar might harm consumers rather than lead to a price surge for Bitcoin. Schiff’s perspective clearly draws a line in the sand: he sees Bitcoin not as a valuable asset but rather as speculative.

The ongoing debate between Bitcoin and gold has gained fervour, especially in light of Bitcoin’s current trading price, which hovers around $105,000—still sitting beneath its March 2025 high. Yet, when you consider Bitcoin’s value in gold, it fails to hold up, performing 15% lower than its peak of late 2021. This reinforces Schiff’s perspective which, despite Bitcoin’s current numbers, doesn’t appear overly optimistic.

While the crypto community celebrates any modest gains, analysts are increasingly questioning whether Bitcoin’s rise is genuine or simply a mirage. There might be an uptick on the charts, but Schiff reminds us not to confuse temporary trends with true signals. The current enthusiasm surrounding Bitcoin fails to sway Schiff, who continues to stand firm in his critique, asserting that Bitcoin still has a long way to go before it can gain legitimacy in his eyes.