Peter Schiff, CEO of Euro Pacific Asset Management, sharply criticized Bitcoin, calling it a 'fraud' amidst market volatility and ETF outflows.
Schiff's Critique of Bitcoin
On April 19, 2025, during an X Spaces podcast, Schiff stated that Bitcoin is a 'fraud' and challenged its status as 'digital gold'. He pointed out that Bitcoin trades too volatily and is not a safe asset compared to traditional gold.
Market Reactions to Schiff's Statements
Following his comments, Bitcoin traded at $78,669, down 30% from February's peak. ETFs faced outflows totaling $871.6 million, indicating significant investor sentiment influenced by his critique.
Strategy's Position and Market Impact
Schiff also expressed doubts about Strategy's future, formerly known as MicroStrategy, regarding its substantial Bitcoin investments. Michael Saylor, CEO of Strategy, was mentioned as the largest corporate holder of Bitcoin, although no official comments have been received from him at this time.
Schiff's critiques highlight ongoing debates about Bitcoin's status as a financial asset and its vulnerability to economic fluctuations. Despite the negative perception, Bitcoin remains at the center of discussions in the crypto industry.
