In a recent interview with Coinage, well-known economist Peter Schiff predicted that gold could climb to $7,000, while once again voicing strong criticism of Bitcoin and the broader cryptocurrency market.
Peter Schiff, often called the “Golden Beetle” of economics, has increased his gold target to $7,000 and beyond after it crossed $5,000. Despite this, his primary attention remains on Bitcoin, the top cryptocurrency.
Schiff challenged the common claim by Bitcoin enthusiasts that “gold rises first, then Bitcoin follows,” calling it entirely inaccurate. Drawing on recent data, the economist made several key points:
He pointed out that while gold has been hitting record highs since early 2024, Bitcoin has dropped over 50% in value compared to gold (BTC/Gold).
Schiff argued that Bitcoin’s rise toward the $100,000 mark is driven by two main factors, not by any technological or financial breakthrough. He claimed that Wall Street got involved not out of belief in Bitcoin’s fundamentals, but to profit from clients’ speculative appetite. Additionally, he noted that Donald Trump took a “pro-Bitcoin” stance to attract crypto votes and donations, which temporarily inflated the price.
Schiff also criticized Michael Saylor, one of Bitcoin’s biggest advocates. He pointed out that while Saylor has spent billions buying Bitcoin over the past five years, his returns per share have lagged behind traditional investments like the S&P 500. According to Schiff, MicroStrategy may now be caught in a “Ponzi”-like cycle.