Peter Schiff Declares Bitcoin a “Ponzi Built on a Pyramid”
2025-07-14 17:37:43
Main Idea
Peter Schiff criticizes Bitcoin as a 'Ponzi built on a pyramid', attributing its price surge to speculative buying by companies rather than genuine utility or mass adoption.
Key Points
1. Peter Schiff, a well-known Bitcoin critic, labels Bitcoin as a 'Ponzi built on a pyramid', driven by speculative buying by companies and front-running investors.
2. In Q2 2025, public companies added 159,000 BTC, bringing total holdings to approximately 847,000 BTC (about 4% of total supply).
3. Over 46 firms, including GameStop, Figma, Sequans, and Trump Media, have joined the trend of holding Bitcoin.
4. Bitcoin reached an all-time high of over $122k amid anticipation of 'Crypto Week' and key US bills like CLARITY and GENIUS.
5. Schiff argues that Bitcoin's surge is driven by crypto treasury plays (e.g., MicroStrategy, Metaplanet, Trump Media) rather than genuine utility or mass adoption.
Description
Schiff says that today’s Bitcoin demand isn’t from everyday users or broader adoption, but rather speculative buying by bitcoin treasury companies and front-running investors He remarks that Bitcoin’s surge is not due to genuine utility or mass adoption In Q2 2025, public companies added 159,000 BTC, which brings total holdings to approximately 847,000 BTC (roughly 4% of total supply) Peter Schiff, a stockbroker and a well-known Bitcoin critic, argues that today’s Bitcoin demand isn’t from every...
Latest News
- Brazil Bank Hack: ZachXBT Helps Freeze $5M in Crypto, Says Circle Refused to Cooperate2025-07-14 18:13:47
- Before You Trade, See Which Altcoins Are In for a Massive Squeeze2025-07-14 18:13:01
- Peter Schiff Declares Bitcoin a “Ponzi Built on a Pyramid”2025-07-14 17:37:43
- Mercurity Fintech Allocates $500M to DeFi Basket with Focus on Solana2025-07-14 17:21:12
- New Nasdaq-Listed Company, Hyperliquid Strategies, to Hold $583M in HYPE Tokens2025-07-14 17:03:41