- Peter Schiff reiterates Bitcoin (BTC) is not money but a “collectible token” with no intrinsic value.
- Schiff argues Bitcoin’s value stems from user belief, not fundamental attributes, unlike gold.
- Despite BTC’s growth (now $108,899), Schiff believes it has no sustainable future as money.
Well-known American stockbroker Peter Schiff is not backing down from his stance: Bitcoin (BTC), he insists, is not money. A long-time Bitcoin critic, Schiff has consistently argued that the cryptocurrency lacks the fundamental qualities needed to function as actual money.
In a recent podcast, the renowned financial analyst maintained his opinion about Bitcoin. According to Schiff, Bitcoin has other qualities and is suitable for purposes other than money.
Schiff on Bitcoin: A “Collectible Token” Valued by Belief, Not Intrinsic Attribute
Per Schiff’s definition, Bitcoin is a collectible token with no unique value. The analyst thinks that Bitcoin users can deploy the crypto token for trading involving buying, selling, and storing Bitcoin. He said Bitcoin gains value from users’ beliefs, other than any intrinsic attribute.
Related: Peter Schiff To Bitcoin Fans: Why Do Central Banks Still Prefer Actual Gold?
It is worth noting that Schiff’s opinion about Bitcoin contradicts that of other notable stakeholders within the crypto space, including Strategy’s Michael Saylor, whose several predictions about Bitcoin have materialized over the years. For instance, Saylor believes Bitcoin is more valuable than gold, stocks, and real estate, and the cryptocurrency’s growth trajectory in the past years has aligned with those predictions.
Schiff Warns Its “Belief-Driven” Value Has No Future
Despite Schiff’s criticism, he acknowledges Bitcoin’s significant followership and the effect of the users’ belief system in supporting its value. According to the analyst, most people who follow Bitcoin believe it is their ticket to wealth. Hence, their conviction is to buy the cryptocurrency and hold on to it until its value rises.
Bitcoin (BTC) traded for $108,899 at the time of writing, having pulled back from a recent all-time high (ATH) of $112,000. Over the years, the pioneering cryptocurrency has grown substantially, defying criticisms from Schiff and others who doubt a sustainable future for the token.
Related: Peter Schiff Admits Bitcoin Has a Use; As a Hedge Against Saylor’s Strategy
That track record, however, has not deterred the financial analyst from maintaining his skeptical position. Schiff firmly believes Bitcoin has no long-term future as money, and those who believe in the cryptocurrency’s sustainability will ultimately be disappointed.
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