Public Stance: A Timeline of Bitcoin Criticisms
Peter Schiff has been one of Bitcoin’s most vocal skeptics for over a decade. He consistently dismisses Bitcoin as lacking intrinsic value and warns it is a speculative bubble destined to burst. Key moments in his public criticism include:
- 2013–2014 – Early Warnings: As early as 2013, Schiff was comparing Bitcoin to history’s famous financial manias. In a CNBC interview that year he dubbed Bitcoin “tulip mania 2.0,” arguing its rapid rise was driven by irrational speculation rather than fundamentals . In a 2014 CoinDesk interview after Bitcoin’s first big crash, he predicted further decline and insisted the crypto “does not have a store of value,” urging people to buy gold instead .
- 2017 – “Still a Bubble”: During Bitcoin’s 2017 run to $4,000, Schiff doubled down on his skepticism. He famously called Bitcoin “digital fool’s gold” and likened its frenzy to Beanie Babies and Dutch tulips . Even as prices hit record highs, Schiff warned of “impending doom,” describing Bitcoin’s rise as a “speculative frenzy” driven by greed and a “cult” mentality – “a natural Ponzi scheme” where new buyers keep it afloat . He argued “bitcoin ain’t money” because it isn’t backed by a commodity, whereas gold’s tangible use gives it real value .
- 2018–2019 – Crash Predictions: Schiff repeatedly predicted Bitcoin’s collapse. In a July 2018 public debate with crypto advocate Erik Voorhees, he argued Bitcoin would never replace gold or fiat. By 2019, when some speculated Bitcoin could reach six figures, Schiff scoffed – calling it “digital fool’s gold” and confidently predicting it “would eventually go to zero” . His refrain was that “it’s not going to work” and that those buying in would inevitably lose their gains when the bubble popped.
- 2020 – Skepticism Unshaken: During the 2020 market volatility, Schiff continued to issue dire warnings. When Bitcoin briefly crashed in March 2020, he tweeted that the “party was over” and it would plunge further. Later that year, as Bitcoin began a new rally, Schiff told FOX Business that anyone investing in Bitcoin is a “fool” falling for a “scheme”, insisting it “will never function as money” . His rationale remained that real money must have underlying utility (as gold does) and that Bitcoin’s value was purely speculative.
- 2021 – “Worthless Ponzi” vs. Record Highs: Even as Bitcoin soared to $50k–$60k in 2021, Schiff’s stance did not budge. He repeatedly labeled Bitcoin a “bubble” and warned of a “catastrophic” crash. In early 2021, after Bitcoin hit $58,000, Schiff reiterated that a move down to $0 was inevitable, mocking “HODLers” by saying “the party is over” . He argued Bitcoin’s gains were based on the “madness of crowds” and “popular delusion,” not on real value . His advice at the time: sell Bitcoin and buy gold before it’s too late .
- 2022 – “I Told You So”: Following Bitcoin’s crash from its late-2021 peak, Schiff took victory laps. He frequently reminded followers that Bitcoin had plunged ~75% from its high, calling it vindication of his warnings. He urged anyone still holding Bitcoin to cut losses, predicting “it’s going much lower”. (Notably, in June 2022 when Bitcoin fell under $20k, Schiff declared “Bitcoin’s collapse has only just begun” on social media – though it later stabilized.)
- 2023 – No Retreat from Criticism: Schiff remained unswayed by Bitcoin’s recovery in 2023. He continued to call Bitcoin “a scam” and “fool’s gold,” and even suggested any price rallies were just “bear market bounces.” In one ironic turn, Schiff released a blog in March 2023 stating “This is how Bitcoin works: We create something with no value, artificially limit its supply, then we all pretend it has value… Other people see the price going up and they buy it too”, concluding that it’s all an illusion – while plugging his own gold fund as the bearer of “real value” .
- 2024 – Regrets but No Reversal: In interviews, Schiff admitted a kind of financial regret: not buying Bitcoin early purely to profit. In a March 2024 discussion, he conceded that had he known the “Bitcoin bubble” would inflate so much, “I would have loaded up on Bitcoin when it was $1” – not because he believes in it, but to ride the speculation . He said if he had bought some, he “would have kept it to [him]self”, viewing it as a trade to sell to “someone dumb enough to pay a higher price” . Despite admitting he’d missed a money-making opportunity, Schiff maintained that Bitcoin’s massive 2020–2024 price growth was merely a bigger bubble. In late 2024, with Bitcoin (in his view) absurdly high, Schiff warned the “overall losses when the bubble finally pops will be staggering,” calling the crypto boom “the biggest misallocation of resources in human history” .
- *2025 – “Digital Gold” Skeptic at Bitcoin Conference: By 2025, Bitcoin’s price had reached unprecedented levels (above $100k), yet Schiff still did not relent. In May 2025, he surprised many by attending and speaking at the Bitcoin 2025 conference – only to reiterate his critiques. On stage, he provocatively called Bitcoin a “memecoin” rather than digital gold, arguing it has “no intrinsic value” and is too volatile to be a safe haven . He challenged Bitcoin proponents by asking why, if Bitcoin is the future, central banks “are still accumulating gold and not Bitcoin”, pointing to gold’s enduring role as a reserve asset . Schiff also rejected the idea that Bitcoin is a hedge against inflation or crisis, insisting its wild price swings make it unreliable compared to tangible assets like precious metals . In a characteristically dire prediction, he tweeted that while Bitcoin was born from the 2008 financial crisis, “the financial crisis of 2025 will kill it” . Even as Bitcoin’s market value hit highs, Schiff attributed its price to hype and manipulation – claiming it only surpassed $100k due to “buying off politicians and getting in bed with government,” not free-market demand . In short, through 2025 Schiff has never wavered from warning that Bitcoin is a bubble that will inevitably implode.
Private Behavior: Does Schiff Secretly Own or Support Bitcoin?
Schiff’s unyielding public pessimism has led to speculation about his private dealings. Is it all an act? Some in the crypto community suspect Schiff “doth protest too much” – that he might secretly hold or benefit from Bitcoin even as he bashes it. Schiff has repeatedly denied this. In May 2024, he ridiculed the idea that he is a closet Bitcoiner: “I get a kick out of Bitcoin fanatics who accuse me of secretly owning Bitcoin, but [refusing] to publicly wear the ribbon,” he tweeted, calling his critics “drunk on the Kool-Aid” for imagining he’s secretly on their side . Schiff insists his skepticism is genuine, not a feint.
In interviews, Schiff has said that if he had ever bought Bitcoin, he wouldn’t admit it – not because he’s hiding anything nefarious, but because it would undermine his messaging. He flatly stated that even if he held some, “I would have kept it to myself. I would have bought it just betting on other people being dumb enough to buy it at a higher price” . In other words, any hypothetical personal Bitcoin investment would be a short-term speculation, not a change of heart about its value. To this day, Schiff maintains he owns zero Bitcoin (aside from de minimis amounts gifted or accidentally gained, as noted below).
Notably, Schiff did have a small personal brush with Bitcoin – which ended in fiasco. In 2018, Bitcoin advocate Erik Voorhees gave Schiff $50 worth of BTC to experiment with. Schiff stored it in a wallet, but by January 2020 he lost access to those funds. He famously announced, “I just lost all the Bitcoin I have ever owned”, blaming a wallet failure. The truth, as he later admitted, was user error: Schiff had mistaken his PIN for his password, effectively locking himself out of his own wallet . (The Bitcoin community was quick to point out that forgetting a password is not Bitcoin’s fault – whereas, as Schiff retorted, “if you lose your gold, the world loses something; if you lose your Bitcoin, the world loses nothing” .) This incident reinforced Schiff’s belief that Bitcoin is impractical and “a bad idea,” and he used it to publicly claim the loss proved Bitcoin’s flaws . While this was a tiny amount of BTC, it is the closest Schiff has come to “owning” Bitcoin – and it ended with him permanently losing it.
Aside from that anecdote, no evidence has emerged that Schiff personally holds Bitcoin. However, there was a striking revelation about his investment business. In April 2025, disclosures showed that Schiff’s own asset management firm had indirect exposure to a Bitcoin-backed bond. Euro Pacific Asset Management (which Schiff leads) was found to be a holder of a bond issued by Samara Asset Group – a publicly traded company that raised funds to expand its Bitcoin treasury . In effect, Schiff’s firm quietly ended up invested in an instrument tied to Bitcoin’s price. This discovery fueled chatter that Schiff might not be quite as far removed from Bitcoin as he claims. It’s unclear if this exposure was intentional or an incidental holding in a broader strategy, but it was ironic: even as Schiff blasted Bitcoin publicly, his firm was benefiting from a Bitcoin-related investment . Schiff did not trumpet this fact – it came to light through third-party disclosures – and he hasn’t publicly commented on it in detail.
To sum up, there’s no concrete evidence that Peter Schiff secretly owns or supports Bitcoin on a personal level. In fact, he openly states he wishes he’d bought some earlier (to profit from “the greater fool”), implying he did not buy it. The speculation that he’s a closeted Bitcoiner remains just that – speculation. If anything, the indirect Bitcoin bond holding suggests Schiff is not meticulously avoiding all crypto exposure in his professional portfolios, but it doesn’t mean he has reversed his stance. Schiff continues to wear the badge of Bitcoin’s arch-skeptic, and by all accounts, that reflects his true investments (or lack thereof) as well.
Notable Contradictions and Ironies
Despite Schiff’s anti-Bitcoin crusade, a number of ironic twists have emerged over the years. These incidents often serve as fodder for crypto enthusiasts to poke fun at Schiff’s hardline stance:
- His Son Went “All-In” on Bitcoin: In perhaps the most personal contradiction, Peter Schiff’s own son, Spencer Schiff, became a Bitcoin believer. In March 2021, at just 19 years old, Spencer moved 100% of his portfolio into Bitcoin during a price dip . Peter Schiff publicly lamented that his son had been “brainwashed” and even joked that he might need to “disinherit” Spencer to prevent his wealth from being squandered on Bitcoin . “He sold the last of his silver stocks for Bitcoin. He’s HODLing to infinity or bust,” Schiff grumbled, clearly bewildered that his son had rejected his golden advice . Crypto figures like Anthony Pompliano gleefully noted that at least “someone in the Schiff family” was growing their wealth from BTC . This father-son divide became a running joke on Twitter, highlighting the irony that the world’s loudest gold bug raised a next-generation Bitcoiner. (Interestingly, by mid-2023 this story took another turn: Spencer Schiff changed his stance after experiencing the volatility. He tweeted that he now agreed with his dad – predicting Bitcoin’s price “will probably fall to near zero over the next few years” . Peter Schiff reacted with pride, quipping that “Bitcoin broke my son” and vindicated his warnings . The reversal, while notable, hasn’t erased the ironic image of Peter lecturing against Bitcoin while his son once embraced it with zeal.)
- Accepting Bitcoin for Gold: Schiff often insists Bitcoin is worthless – yet he’s happy to take your bitcoins as payment. In fact, Schiff is the founder and chairman of SchiffGold, a precious metals dealer… and SchiffGold accepts Bitcoin (along with Ethereum and Bitcoin Cash) as payment for gold purchases . This means a customer can buy real gold from Peter Schiff’s company using the very cryptocurrency he calls fake. Crypto advocates see this as hypocrisy – if Bitcoin has “no value,” why does SchiffGold accept it? The answer, of course, is that the company immediately converts the BTC to cash or gold, but the optic is amusing. Schiff has justified this by saying he’s willing to make it easier for customers to buy gold with whatever currency they have – even crypto – but it underscores an irony: Schiff will trade you gold for Bitcoin, just as he’d trade you gold for dollars, despite arguing Bitcoin is “play money.” It shows that, at least in practice, he acknowledges Bitcoin has exchange value (if only to swap for his beloved metal).
- Schiff’s Crypto “Engagement”: Peter Schiff’s constant Bitcoin bashing has ironically made him a darling of crypto social media – in terms of engagement. He gets far more traction on Twitter (X) from his Bitcoin tweets than any other topic. By his own admission, “Every time I tell people not to buy Bitcoin, they buy more” . At the Bitcoin 2025 conference, Schiff even joked, “I’m probably responsible for more people owning Bitcoin than anyone else here”, acknowledging that his contrarian take inadvertently advertises Bitcoin . Some have accused Schiff of “engagement farming” – i.e. tweeting about Bitcoin so frequently because it gets attention, not because he cares about the debate . Schiff, of course, maintains that he’s simply trying to warn investors, but the net effect of his crusade may have been the opposite of his intent: his fiery tweets often get swarmed by Bitcoin supporters and likely even convince some onlookers to buy BTC out of spite or curiosity. This dynamic – Schiff as an (unwitting) promoter of the asset he despises – is a running irony in the crypto community.
- NFTs on Bitcoin’s Blockchain: Perhaps the most eyebrow-raising turn came in mid-2023, when Schiff announced an NFT art collection – on the Bitcoin network, no less. Despite having called NFTs “worthless” and Bitcoin a scam, Schiff collaborated with an artist (pseudonym “Market Price”) to launch the “Golden Triumph” collection, consisting of 50 digital art NFTs inscribed via Bitcoin Ordinals (a way to put images on Bitcoin’s blockchain) . The artwork – fittingly – depicted a hand grasping a bar of gold. When Schiff revealed this project, even his fans were baffled. Observers “thought it was a parody but it isn’t”, and many pointed out the blatant hypocrisy . Schiff was unapologetic: he said he still hated Bitcoin the currency, but had found a use for blockchain tech in proving ownership of digital art. When a Twitter user asked, “So… it’s valuable to put your ‘gold’ art on Bitcoin, but Bitcoin itself is not valuable?”, Schiff replied, “Correct.” . This response – acknowledging the utility of Bitcoin’s network while denying the value of Bitcoin the asset – perfectly encapsulated Schiff’s nuanced (or convoluted) position. The NFT auction went forward in June 2023, and Schiff presumably made money from Bitcoin users bidding for his NFTs. The episode was richly ironic: the man who said “I don’t get owning a rare digital token” ended up selling digital tokens on Bitcoin for profit. Crypto commentators couldn’t help but declare “hypocrisy!” – joking that Schiff was willing to use Bitcoin when it served his interests, even as he tells everyone else not to touch it .
- Gold on the Blockchain – Schiff’s Own Token: Schiff’s openness to leveraging crypto technology surfaced again with his plans for a gold-backed digital token. In 2025, Schiff revealed he intends to launch a blockchain-based token or stablecoin tied to physical gold . He argued that “tokenizing real assets adds value” – for example, a digital token representing gold could make gold more transferable – whereas tokenizing “nothing” (his term for Bitcoin) does not . This is arguably less contradictory – Schiff isn’t endorsing any crypto without backing, he’s trying to combine his beloved gold with modern tech – but it’s still ironic to see him embracing blockchain solutions after years of attacking the crypto industry. As one commentary put it, “the same man who called crypto a scam is now tokenizing gold – quietly validating the very technology he spent years attacking.” Schiff’s foray into crypto tokens (without admitting Bitcoin got anything right) led observers to quip that “blockchain won, whether he admits it or not” . In essence, Schiff wants the benefits of crypto’s distributed ledger to sell his gold, while maintaining that Bitcoin itself has it all wrong. It’s a fine line to walk, and it hasn’t gone unnoticed that one of Bitcoin’s biggest critics is now launching a crypto token of his own.
Each of these contradictions illustrates a theme: Schiff will engage with Bitcoin or crypto technology when it benefits him or proves a point, but he will simultaneously insist these use-cases do not legitimize Bitcoin’s value. This nuanced stance often comes off as contradictory, making Schiff a magnet for ridicule in the crypto world. Even conference organizers recognized the value of his contrarian presence – at Bitcoin 2025, Schiff’s skeptics’ booth (where he donned a cap reading “Make Bitcoin Great Again” in jest) was the hub of tension between true believers and naysayers . Schiff relishes the role of “a lonely contrarian” among Bitcoiners , even if it means embracing certain crypto-adjacent opportunities along the way.
Evolution and Nuance in His Views
Despite his reputation for rigidity, Peter Schiff’s commentary on Bitcoin has shown minor evolutions – or at least nuances – over time:
- No Change in Core Belief: First and foremost, Schiff’s core thesis has not changed: He does not believe Bitcoin is real money or a durable store of value, period. As of 2025, he still predicts Bitcoin’s eventual collapse to zero. In that sense, there’s been no ideological evolution – only a growing volume of “I told you so” as he perceives himself proven right with each crash.
- Acknowledging Profit Opportunities: What has changed is Schiff’s willingness to acknowledge that others made money – and that he could have, too. In earlier years, Schiff mostly focused on warning people away from Bitcoin entirely. By the early 2020s, after seeing Bitcoin run from under $100 to over $50,000 in a decade, Schiff began conceding that speculators had made fortunes (on paper). He has said he regrets not buying in early and selling at the top of the “bubble.” This isn’t a change of heart about Bitcoin’s legitimacy, but it’s a notable admission: Schiff in hindsight wishes he traded Bitcoin’s hype cycle. “Had I known this bubble would get so big, of course I’d have bought at $1,” he admitted . In years past, Schiff might not even concede the possibility of profit (because he’d argue everyone will eventually lose). Now he begrudgingly admits some were lucky or smart enough to cash out profits – though he immediately adds that most people will be left holding the bag.
- Greater Emphasis on Why Bitcoin is Bad: Schiff’s rhetoric has become more elaborate over time. Initially, he leaned on a simple “it’s like tulips or dot-coms” bubble analogy. In later years, he’s articulated more detailed critiques: volatility makes it unusable as currency; it has no yield or industrial use; its scarcity is artificial; it’s mainly used by criminals; and its decentralization won’t stop governments from regulating it . He’s also engaged in more nuanced debates (e.g., discussing whether wealth creation via Bitcoin is real or just a wealth transfer). At Bitcoin 2025, for instance, he countered claims of Bitcoin creating wealth by arguing it was “a massive transfer of wealth from those who bought early to those who bought later… mirroring a pyramid scheme rather than genuine innovation.” This shows Schiff refining his arguments, even if the conclusion (Bitcoin bad) is the same.
- Openness to Blockchain (But Not Bitcoin): As highlighted above, Schiff has drawn a line between Bitcoin the asset and blockchain the technology. By 2023–2025, he openly praises aspects of blockchain tech – for example, tokenizing real assets like gold or art. In one interview, Schiff even remarked, “I get Bitcoin’s appeal, I just think pegging it to nothing is the problem” (paraphrasing his stance that a gold-backed crypto would be viable, whereas Bitcoin is not). This nuanced view wasn’t apparent in Schiff’s early commentary, where he rejected the entire crypto space outright. Now, he will sometimes say “I understand why people want an alternative to fiat… I just think they picked the wrong thing in Bitcoin.” He advocates digital tokens backed by gold as a solution , thereby conceding that some innovation from crypto can be useful. This could be seen as a slight softening – he’s no longer saying all crypto technology is pointless, only that Bitcoin’s implementation (unbacked, volatile) is flawed.
- Humor and Meta-Irony: Interestingly, Schiff has become a bit more self-aware in his role as the Bitcoin antagonist. His joking comments about being responsible for Bitcoin adoption , or showing up at a Bitcoin conference with humorous props, suggest he knows he’s playing a pantomime villain to the crypto crowd. This doesn’t mean his beliefs aren’t sincere, but he seems to lean into the role. By engaging in debates on crypto podcasts and Twitter spats (even with figures like Elon Musk, who once used an eggplant emoji to rebut Schiff ), Schiff demonstrates an enjoyment of the back-and-forth. This is a tonal evolution: he’s gone from simply warning about Bitcoin in financial media to actively sparring with the Bitcoin community as a foil. The substance of his message remains “Bitcoin is a bubble,” but the way he delivers it now includes more sarcasm, memes, and showmanship.
In summary, Peter Schiff’s views on Bitcoin have remained consistently bearish, yet he has subtly evolved from outright dismissal to a more nuanced critique that acknowledges why others find Bitcoin attractive (or profitable) even as he maintains they’re wrong. He has also shown a willingness to separate the idea of Bitcoin as an investment (which he rejects) from blockchain as a tool (which he is cautiously embracing for his own ventures). These nuances make Schiff’s position more complex than a simple “Bitcoin bad, gold good” slogan – though at the end of the day, that is still the crux of his argument.
Conclusion: Is Peter Schiff “Secretly a Bitcoiner”?
After examining Schiff’s public timeline and behind-the-scenes hints, the evidence does not suggest that Peter Schiff is secretly a closet Bitcoiner. All signs indicate that his skepticism is authentic and deeply held. Schiff has been remarkably consistent in criticizing Bitcoin’s fundamentals from 2013 through 2025. He hasn’t suddenly capitulated or revealed a hidden stash of BTC; on the contrary, he goes out of his way to prove he has no allegiance to Bitcoin (to the point of bragging about losing a trivial amount). His own son’s involvement and other ironic episodes have been embarrassing or amusing to him, but not persuasive enough to change his mind.
That said, Schiff is not oblivious to Bitcoin’s impact – he acknowledges it has grown into a huge phenomenon (a “popular delusion” that got bigger than he expected ). He’s even willing to profit from crypto mania indirectly (through NFT sales, token projects, or accepting Bitcoin payments for gold). These actions show Schiff to be a shrewd businessman who, despite his personal convictions, won’t pass up an opportunity to make money – even if it involves the very asset he calls worthless. However, opportunistic involvement is not the same as secret support. In Schiff’s ideal world, those NFTs and gold tokens would simply lure people back toward what he considers true value (gold). There is no indication he has ever bought and held Bitcoin in a way that betrays a genuine belief in it. In fact, when pressed on the hypothetical that Bitcoin might keep rising, Schiff says that only strengthens his conviction that it’s a bubble – he’s “waiting for his moment to say ‘I told you so’” when it finally crashes for good .
Schiff’s role could be summed up as the contrarian who won’t convert. Even as some early skeptics of Bitcoin eventually gave in (or at least quieted down), Schiff has dug in deeper. If he secretly harbored positive feelings about Bitcoin, by now one might expect some slip-up or change in tone, but he gives none. On the contrary, he continues to use every platform available – his podcast, social media, TV appearances, and even Bitcoin conferences – to reiterate his warnings. This near-zealous opposition actually fuels the rumors that “he must secretly love it” (because he talks about it so often). Yet Schiff’s own words pour cold water on that: he enjoys being the bear in a bull parade and wears the skepticism as a matter of principle.
In conclusion, there is no credible evidence that Peter Schiff is secretly a Bitcoin supporter or investor. All available information points to him being exactly what he seems: a hard-money gold advocate who genuinely views Bitcoin as a bubble or “digital fool’s gold.” The contradictions in his story – like family members and business dealings intersecting with Bitcoin – are indeed ironic, but they do not amount to a secret conversion. Instead, they highlight that Schiff, intentionally or not, has become part of the Bitcoin saga he loathes. As one crypto commentator joked, Peter Schiff may not be a Bitcoiner at heart, but he’s practically an honorary one by virtue of how much he’s involved in the discourse . In the end, Schiff appears content to remain the anti-Bitcoin gold bug, and if there is any “Bitcoin” he secretly holds, it’s likely only the attention and engagement that his Bitcoin-bashing continues to generate.
Sources: Peter Schiff’s public statements and interviews (CNBC, CoinDesk, FOX Business), Schiff’s Twitter/X posts , crypto news coverage of his Bitcoin criticisms , Benzinga and Cointelegraph reports on his recent comments (2023–2025) , and documented incidents involving Schiff and Bitcoin (Spencer Schiff’s investment , Schiff’s NFT project , Euro Pacific’s bond holdings , etc.). These sources consistently reinforce that Schiff’s public stance against Bitcoin is real – and so is the irony that surrounds him in the crypto world.