In a recent wave of commentary, Peter Schiff has renewed his critical stance on Bitcoin, labeling the cryptocurrency as “a zero.” His remarks came in response to a viral post that lauded Bitcoin as a rules-based monetary system, contrasting it with gold”s physical attributes and the political nature of fiat currencies.
Schiff”s critique surfaced just an hour before significant U.S. macroeconomic data was released. On February 13, the U.S. Bureau of Labor Statistics announced that the headline Consumer Price Index (CPI) for January increased by 0.2% month-over-month, falling short of the anticipated 0.3%. Meanwhile, the core CPI, which excludes volatile items, matched expectations at 0.3% but reflected a rise from December”s 0.2%, indicating persistent underlying inflationary pressures.
Following the CPI announcement, Bitcoin experienced a brief uptick, reaching $67,600 on the Binance exchange, as market sentiment improved with the softer inflation figure. However, optimism was short-lived, as traders recalibrated their positions, leading Bitcoin to stabilize around $67,360, oscillating within an intraday range of $65,300 to $67,600.
Schiff”s skepticism regarding Bitcoin is not new; he has held this position for over a decade. He argues that Bitcoin lacks intrinsic value, yield, or cash flow, attributes he attributes to gold, which he endorses as a tangible asset with real demand. In contrast, Bitcoin proponents highlight its capped supply of 21 million coins, automated halving cycles, and a monetary policy insulated from political influences, even though the impact of U.S. policy on the cryptocurrency market remains a point of contention.
The current issuance rate of Bitcoin stands at 3.125 BTC per block. Despite the cryptocurrency”s price halving since its all-time high in October 2025, it continues to struggle in attracting consistent investment from traditional safe havens like gold.
As the market digests the latest CPI data, attention now turns to the upcoming Federal Open Market Committee (FOMC) meeting on March 4, 2026. With dollar liquidity playing a pivotal role in market dynamics, particularly for digital assets, interpretations of mathematical principles in monetary policy are sharply divided. While some view these principles as a framework for monetary discipline, others, including Schiff, consider them as mere symbolic gestures.
