Peter Schiff, a well-known Bitcoin critic and gold advocate, has once again expressed his views on the leading cryptocurrency, stating that it lacks true value as a store of wealth.
Peter Schiff's Critique of Bitcoin
In a recent tweet, Peter Schiff stated that "Bitcoin has no real value to store." He emphasized that there is a "huge difference" between a store of value like gold and speculative digital tokens like Bitcoin. Despite Bitcoin's impressive price increases over the years, Schiff insists that this does not qualify it as a reliable store of value for current buyers.
CITE_NA: "There is a huge difference between a store of value like gold and a highly speculative digital token like Bitcoin, which has no real value to store. Yes, the price of Bitcoin went way up, but prior speculative gains don't qualify Bitcoin as a store of value for current buyers."
Bitcoin Price Rally in July
July has been an explosive month for Bitcoin, marked by a surge in upside volatility, with the price rallying from a weekly low of $105,400 to set a new all-time high of $122,700. This significant price increase has prompted a rush of profit-taking from existing holders and an inflow of new demand from buyers. However, near-term momentum has cooled off, and Bitcoin is currently consolidating just below its ATH.
Market Perspectives for Bitcoin
Bitcoin was recently trading up 0.2% in the last 24 hours to $118,481. It is up 11% so far in July and on track to mark its fourth consecutive month of increases since March 2025. The $120,000 price for Bitcoin remains significant as it corresponds with a key on-chain price level that historically acts as natural resistance.
Peter Schiff's statements raise important questions about Bitcoin's reliability as a store of value, especially in light of its significant recent growth. While Bitcoin continues to attract new buyers, perspectives on its long-term value remain varied.
