Peter Schiff Blames Himself for Bitcoin Boom: “You Buy Every Time I Say Don’t”
The post Peter Schiff Blames Himself for Bitcoin Boom: “You Buy Every Time I Say Don’t” appeared first on Coinpedia Fintech News
Peter Schiff is many things, but one of the most prominent well-known characteristics is his immense hatred for Bitcoin. Now, the man crypto Twitter loves to hate is at it again, but not in the way you might think.
After the Bitcoin 2025 conference, Schiff, who’s spent over a decade calling BTC a bubble made a statement on X no one saw coming:
“I’m likely responsible for more people owning Bitcoin than any other individual.”
Yes, really.
In classic Schiff fashion, it was half insult, half self-awareness.
“Every time I tell you not to buy Bitcoin, you buy more,” he quipped.
But beneath the statement, there’s a deeper tension – because while Schiff might joke about driving adoption, he’s more convinced than ever that Bitcoin is doing real damage.
Let’s unpack his perspective.
Cult Status? Schiff Still Isn’t Buying It
Schiff didn’t hold back on his usual takedown of Bitcoin’s fundamentals. He insists there’s been no real wealth creation, just redistribution.
“What has happened is a massive transfer of wealth from those who bought Bitcoin and crypto early to those who bought later.”
And in a line that sums up his long-running stance, he doubled down on his favorite comparison:
The Bitcoin community, he said, is like “a giant cult.”
It’s the kind of remark that’s guaranteed to spark outrage.
The Fed, Bitcoin, and a Fight Over the Future
Schiff’s recent outburst came just yesterday. He publicly slammed a new Bitcoin acquisition bill introduced by Senator Cynthia Lummis. The proposal suggests the U.S. government could use Federal Reserve funds to buy Bitcoin – potentially hundreds of billions worth.
To Schiff, this is economic sabotage.
“A Selfish Attempt to Enrich the Few”
He argues that the bill is designed to pump the bags of early Bitcoin adopters while leaving average Americans to deal with the fallout. He argues this would only deepen the inflation crisis and destabilize the economy.
And if it passes? Schiff had a harsh warning for Capitol Hill:
“No member of Congress who initiated the Bitcoin buy plan is worthy of re-election.”
Is Schiff Bitcoin’s Greatest Salesman?
Here’s the kicker: the more Peter Schiff rails against Bitcoin, the more attention – and adoption – it seems to get. Like it or not, he’s part of the narrative now.
Strange how that works.
Filed under: Bitcoin - @ May 29, 2025 9:17 am