Peter Schiff Slams Bitcoin As ‘Fake Asset’ Amid Price Drop, Accuses CNBC of 'Hosting Bitcoin Shills’

BTC-USD +6.80% ^IXIC +0.59%

Key Takeaways

• Peter Schiff renewed his attack on Bitcoin.

• Bitcoin has had a rapid 5% drop.

• Analysts pointed to a possible December BOJ rate hike and weakening yen as a catalyst rattling crypto markets.

Longtime critic Peter Schiff renewed his attack on Bitcoin this week, labeling it a “fake asset” and accusing media outlet CNBC of ignoring mounting evidence of its structural weaknesses.

Schiff’s remarks came as Bitcoin fell almost 5% over the past day, sparking concern across the community.

Peter Schiff Calls Bitcoin a “Fake Asset”

On Nov. 30, Schiff argued that Bitcoin’s latest slide cannot be written off as part of a broader shift away from risk.

“Bitcoin isn’t selling off because it’s a risk asset, but because it’s a fake asset,” he wrote.

Adding: “The Nasdaq is less than 2% from its record high, yet Bitcoin is 28% below its record high. This shows that there’s more than just risk-off at play. This is a rotation from fake to real assets.”

Bitcoin has faced renewed volatility in early 2025, underperforming major stock indexes despite earlier forecasts of renewed institutional demand.

Buyers Are “Foolish”

Schiff also said that early in Bitcoin’s rise he had misjudged market psychology, not the underlying technology.

“The biggest mistake I made with Bitcoin when I first learned about it was overestimating the ability of others to understand why it wouldn’t work,” he said.

The veteran gold advocate has repeatedly argued that Bitcoin’s value proposition is illusory and that markets will eventually reject it.

Schiff’s comments come after previous claims that Bitcoin fails as both a medium of exchange and a store of value.

“Bitcoin has no future. It’s not a good medium of exchange for payments,” he wrote on X, asserting that even some high-profile tech investors have shifted their stance.

Schiff pushed gold-backed digital tokens as a superior alternative, saying:

“If you also want a store of value, tokenized gold wins hands down. The race to get out of Bitcoin is on. Don’t be last,” he wrote.

CNBC Accusations

Schiff widened his criticism beyond Bitcoin itself, taking aim at media outlets and commentators he said have failed to challenge bullish narratives around crypto.

He alleged that CNBC interviewers routinely avoid tough questions and overlook the accuracy of previous predictions.

“CNBC will continue to host Bitcoin shills for softball interviews where they refuse to hold their guests accountable for their horribly wrong Bitcoin forecasts,” he wrote on X.

The gold advocate has frequently accused crypto analysts of overstating Bitcoin’s resilience while dismissing precious metals, which he argues better reflect underlying economic stress.

Schiff said the recent divergence, precious metals rising as Bitcoin retreats, reinforces his long-standing view that digital assets cannot fulfill the role of “digital gold.”

In a separate exchange on X, Schiff pushed back against a user who said his Bitcoin forecasts had consistently missed the mark.

“No I have not. You just have not followed them closely enough. Yes I did not expect the huge rise early on, but the top was made in 2021. Since then I’ve been far more accurate than Bitcoin promoters,” he wrote.

Warns 2026 “Could Be Worse”

Schiff also ridiculed the excitement that surrounded Bitcoin during its rally toward $100,000 last year.

“How many people popping champagne corks at Bitcoin $100,000 parties a year ago expected 2025 to be this bad? 2026 could be far worse,” he said.

Bitcoin has been the target of Schiff’s criticism for more than a decade, and he has frequently touted gold as the only reliable long-term store of value

Despite his repeated warnings, Bitcoin has experienced several cycles of booms and busts.

Bitcoin’s Price Fall

Bitcoin extended its decline over the weekend, dropping 5% within hours on Sunday in a move that analysts say lacked an obvious macro catalyst.

The sudden reversal pushed it below $86,000, wiping out over $200 billion in market value and triggering almost $700 million in leveraged liquidations in a single day.

CCN analyst Victor Olanrewaju said the speed of the drop is pointed to developments in Japan.

The Bank of Japan has recently signaled that a December rate hike is possible as the yen continues to weaken, with USDJPY approaching the 155–160 zone, levels that have previously compelled the central bank to intervene.

“In short, the combination of a weakening Yen, rising inflation, and a suddenly more hawkish BOJ has rattled markets,” Olanrewaju wrote on CCN.

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