Key Takeaways
- Peter Schiff says his criticism made more people buy Bitcoin.
- He criticized JD Vance's claim that Bitcoin created wealth.
- Bitcoin hit $111,814 before dipping to $107,780 post-record high.
Economist and outspoken Bitcoin opponent Peter Schiff has claimed credit for encouraging widespread Bitcoin adoption, despite his continuous efforts to dissuade people from buying it.
Remarks at Bitcoin 2025 Conference
Speaking at the Bitcoin 2025 conference, Schiff said:
Well, based on what I’ve been told by countless attendees at Bitcoin 2025, I’m likely responsible for more people owning Bitcoin than any other individual.
He suggested that many were motivated by defiance or curiosity following his persistent critiques.
Criticism of JD Vance & Bitcoin’s wealth creation
Schiff also targeted Vice President JD Vance, who had touted the creation of wealth through Bitcoin.
Schiff rejected that claim, arguing that no real wealth had been generated.
He said:
What has happened is a massive transfer of wealth from those who bought Bitcoin and crypto early to those who bought later.
He also criticized Bitcoin as a hedge against inflation, insisting that gold and silver are more reliable.
Public reaction & market movements
Online reactions were split.
Some praised Bitcoin’s utility for financial sovereignty, while others mocked Schiff’s logic by applying his arguments to gold.
Meanwhile, Bitcoin hit a record high of $111,814 on May 22 before dipping to $107,780.
Whale investors have purchased over 122,000 BTC in the past six weeks, indicating confidence, though Bitunix analysts noted $110,800 as a key resistance point.
A drop below $108,000 could trigger selling pressure.
Ongoing debate on Bitcoin’s role
Schiff’s remarks added to the debate over Bitcoin’s long-term role, even as its price continues to fluctuate.
