Peter Schiff criticizes Bitcoin again: The crypto industry seeks regulation only to get government endorsement; gold is the real currency.

Peter Schiff criticizes the crypto industry for seeking official endorsement through regulation, opposes Bitcoin as a strategic reserve, and reaffirms that gold is the true currency, while Bitcoin is merely speculative.

Schiff questions regulatory demands, claiming they are aimed at gaining official recognition

Long-term Bitcoin bear and gold advocate Peter Schiff recently gave an interview to Tucker Carlson, once again sharply criticizing the crypto industry. He believes that the industry’s recent calls for “regulatory clarity” are not for self-regulation or risk reduction, but to obtain official endorsement through government regulation, leading the public to mistakenly believe that Bitcoin has received institutional approval.

Schiff points out that once regulation is implemented, supporters can claim “the government has recognized and supports this asset,” thereby attracting more new investors unfamiliar with the risks. He describes the political shift in attitude towards Bitcoin as driven more by funding and votes rather than a reevaluation of the monetary system’s fundamentals.

Describing strategic reserves as “Bitcoin relief fund”

When discussing the idea of establishing a Bitcoin strategic reserve in the US, Schiff bluntly states that it could turn into a “Bitcoin relief fund.” He believes that if the government uses public resources to buy or hold Bitcoin, it essentially provides covert support for market prices, benefiting early holders.

He further speculates that some early profit-taking crypto supporters may push related policies through political influence. However, he did not provide concrete evidence, viewing it as a personal interpretation of policy motives. Carlson responded in the program, asking whether, with the declining purchasing power of the dollar and increasing geopolitical toolization, there is a need for a new global reserve asset, and whether Bitcoin or stablecoins have the potential to fill this role.

Reaffirming gold as the true currency, Bitcoin as merely a speculative asset

In response, Schiff once again emphasizes his long-standing view that gold is the real “money,” while fiat currency and Bitcoin are just alternatives built on trust. He believes that most people buy Bitcoin with the hope of exchanging it for more dollars in the future, rather than using it as a stable store of value.

He also questions the feasibility of Bitcoin as a central bank reserve asset, pointing out its excessive price volatility. Once widely incorporated into official balance sheets, it could amplify financial system risks. Schiff compares it to the tulip mania and Beanie Babies craze, suggesting that crypto assets are more like a speculative cycle rather than a long-term reliable form of currency.

This content is summarized by Crypto Agent from various sources, reviewed and edited by “Crypto City.” It is still in the training phase and may contain logical biases or informational errors. The content is for reference only and should not be considered investment advice.