Peter Schiff, a well-known critic of Bitcoin, has ramped up his negative commentary on the cryptocurrency as 2026 unfolds. Despite a bullish trend across the crypto landscape, Schiff remains steadfast in his skepticism. On January 5, he challenged a theory from Tom Lee, co-founder of Fundstrat, labeling it a “false narrative.”
Lee had posited that the recent rally in precious metals, including gold and silver, often correlates with significant bullish cycles in crypto markets. Schiff, however, dismissed this notion, arguing that Bitcoin”s ascent over the last decade was primarily fueled by gold”s stagnation rather than its performance.
According to Schiff, Lee”s assertion that gold”s climb to new highs is “bullish for Bitcoin” does not hold water. He believes that the relationship between gold and Bitcoin is more complex, pointing out that there were periods of notable Bitcoin growth when gold was trading sideways. This dynamic allowed Bitcoin to position itself as a superior hedge against inflation and a viable safe haven.
Schiff emphasized that the latest surge in gold”s price actually undermines the argument for Bitcoin as a digital equivalent of gold. He claims that Bitcoin”s perceived success has been contingent upon gold appearing stagnant, thus revealing its lack of intrinsic value.
In his continuous warnings against investing in Bitcoin, Schiff maintains that its role as a store of value is questionable. He concludes that the current market conditions further illustrate Bitcoin”s weaknesses, calling into question its viability as a long-term investment.
