At the recent financial conference in Las Vegas, renowned economist and investor Peter Schiff once again expressed his firm stance on Bitcoin, claiming it is an asset with no intrinsic value and highly speculative.
Peter Schiff, one of the most prominent figures in traditional investing, did not hesitate to call the Bitcoin community a 'giant cult' - referring to a blind faith in this digital currency. According to him, Bitcoin does not generate value, does not create cash flow, and does not serve any essential economic function - completely different from gold, an asset that humanity has recognized and used for thousands of years.
Bitcoin Has No Intrinsic Value
One of Schiff's central arguments is that Bitcoin has no intrinsic value. In contrast, gold - whether in bar or jewelry form - always has clear utility value in industry, medicine, and as a reserve asset. Schiff emphasizes that if the entire Bitcoin network were to collapse tomorrow, investors would have nothing in their hands but meaningless lines of code. Meanwhile, gold, even if it loses value, remains a precious metal with real demand.
The Central Bank's Choice Says It All
Schiff cites a noteworthy fact: central banks around the world continue to accumulate gold - not Bitcoin. This is the clearest evidence of what asset is trusted in the long term. When countries want to protect their economies from financial risks, they turn to gold - not cryptocurrencies.
Impact on Market Psychology
Schiff's statements quickly resonated within the investment community. Many supporters share the view that the market is being swept up in dangerous speculative waves, where real value is obscured by FOMO (fear of missing out) psychology. The continuous volatility of Bitcoin, sometimes soaring solely based on rumors or statements from celebrities, only adds to the risk.
Lessons from History
History has proven that gold has the ability to maintain value over the long term through all geopolitical events, inflation, and economic downturns. Meanwhile, Bitcoin has only appeared for just over a decade - a period too short to demonstrate its stability or its role as a reserve.
Conclusion
Peter Schiff may be controversial, but his views reflect a thoughtful perspective in the context of the volatile modern financial landscape. For many, gold remains a time-tested safe haven, while Bitcoin still has much to prove to overcome the shadow of speculation and lack of practical application.
