Peter Schiff Doubles Down on Gold, Describes Bitcoin as a ‘Huge Cult’

Peter Schiff Dubs Bitcoin a ‘Memecoin’ and ‘Cult’ at Bitcoin 2025, Reaffirms Faith in Gold

At the high-profile Bitcoin 2025 conference in Las Vegas, veteran gold advocate Peter Schiff launched a scathing critique of Bitcoin, calling it a “memecoin” and describing its devoted community as “a giant cult.” His remarks elicited a mix of amusement and irritation among attendees.

During a candid discussion with journalist Natalie Brunell at the Venetian Convention Center, Schiff reiterated his long-held belief that Bitcoin lacks intrinsic value and pointed to the continued gold purchases by global central banks as proof that gold remains the world’s preferred reserve asset.

“Every time I advise people against buying Bitcoin, they go out and buy even more,” Schiff said wryly. “I might be the biggest promoter of Bitcoin, just by telling people not to buy it.”

Schiff’s critique came shortly after U.S. Vice President J.D. Vance praised Bitcoin’s decade-long creation of “unparalleled wealth.” Schiff countered by asserting that Bitcoin’s gains represent a zero-sum transfer of wealth from late adopters to early investors rather than genuine economic innovation. “It’s a pyramid scheme disguised as progress,” he argued.

Though his comments drew mixed reactions from the crowd, Schiff remained unshaken, insisting Bitcoin’s price is driven more by hype and speculation than by sound economic fundamentals—standing in stark contrast to the prevailing optimism at the conference about Bitcoin’s expanding institutional acceptance and influence.