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Peter Schiff Claims Bitcoin’s 21M Supply is ‘Meaningless’ – Says Satoshi Count is What Matters

2025-07-14 13:12:40

Main Idea

Peter Schiff argues that Bitcoin's 21 million supply cap is 'meaningless' and based on perception rather than intrinsic value, while Bitcoin's performance continues to outperform his preferred investments like silver and gold.

Key Points

1. Peter Schiff claims Bitcoin's 21 million supply cap is 'meaningless,' suggesting scarcity is a matter of perception rather than actual value.

2. A Bitcoin advocate compared Bitcoin's scarcity to Ferrari's limited production, but Jeff Day countered that Bitcoin's divisibility and utility as money make it unique.

3. Schiff advised investors to sell Bitcoin for silver, but Bitcoin outperformed silver, gaining 12.2% compared to silver's 3.98% rise.

4. Bitcoin has surged 60% since April 2025, outperforming gold, silver, and major asset classes, contradicting Schiff's earlier predictions.

5. Critics like Warren Buffett and Charlie Munger have dismissed Bitcoin, with Munger calling it 'rat poison,' while Bitcoin's price continues to rise.

Description

Peter Schiff, Chief Economist at Euro Pacific Capital and a persistent Bitcoin skeptic, has claimed that Bitcoin’s 21 million supply cap, frequently cited as evidence of the asset’s scarcity, is a “ meaningless ” metric. The economist contended that if Bitcoin’s total supply were 21 billion instead of 21 million, with each BTC redenominated as 100,000 satoshis rather than 100 million, it would eliminate the perception of scarcity surrounding the digital asset. That's my point exactly. Bitcoin's ...

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