Peter Schiff Labels Bitcoin a ‘Memecoin’ and ‘Cult’ at Bitcoin 2025, Sticks to Gold Advocacy
At the Bitcoin 2025 conference held in Las Vegas, prominent gold supporter Peter Schiff took aim at Bitcoin, calling it nothing more than a “memecoin” and likening its passionate followers to “a giant cult,” drawing both chuckles and sharp reactions from the audience.
During a spirited conversation with journalist Natalie Brunell at the Venetian Convention Center, Schiff, known for his staunch criticism of cryptocurrencies, doubled down on his long-standing argument that Bitcoin lacks real intrinsic value. He contrasted Bitcoin’s hype with the steady gold accumulation by central banks worldwide, emphasizing gold’s enduring role as the true reserve asset.
“Every time I warn people against buying bitcoin, they end up buying even more,” Schiff remarked with a hint of irony. “In that sense, I’m probably responsible for more bitcoin owners here than anyone else.”
His remarks came in direct opposition to U.S. Vice President J.D. Vance’s earlier praise of Bitcoin’s decade-long creation of “unparalleled wealth.” Schiff dismissed this view, arguing that Bitcoin’s gains are more about shifting wealth from late investors to early adopters than generating real economic value. “It’s a pyramid scheme disguised as innovation,” he stated firmly.
The audience responded with a mix of laughter and groans, but Schiff remained resolute, asserting that Bitcoin’s price is driven by hype rather than fundamentals—offering a stark contrast to the upbeat tone from other conference speakers celebrating Bitcoin’s growing institutional footprint.
