Peter Schiff Dismisses Bitcoin as Speculative Bubble in Tucker Carlson Interview

Gold proponent Peter Schiff intensified his criticism of Bitcoin during an appearance on Tucker Carlson's program, characterizing the cryptocurrency as purely speculative with zero practical application.

Schiff contended that Bitcoin functions solely as a vehicle for price speculation, arguing the only motivation for purchasing it is the expectation of appreciation. He distinguished this from gold by emphasizing that precious metals serve tangible purposes across industries including jewelry, aerospace, electronics, and medical applications.

When Carlson questioned whether Bitcoin could emerge as a replacement global reserve asset amid dollar weakness, Schiff rejected the premise entirely. He characterized proposals for a US strategic Bitcoin reserve as essentially a bailout mechanism benefiting early cryptocurrency investors through taxpayer funds.

The economist further claimed both Bitcoin and fiat currencies rely on faith, but argued central banks cannot depend on cryptocurrency because it lacks non-monetary demand and would crash if institutions attempted large-scale liquidation.

Schiff advocated instead for blockchain-based tokenized gold as a viable internet-native payment solution that avoids inflation concerns. His comments come as gold recently surged to record highs above $5,000 per ounce while Bitcoin dropped below $86,000, marking a significant divergence between the assets.