Satoshi

Bitcoin

Renowned gold advocate and long-time Bitcoin critic Peter Schiff has stirred the pot again with his latest fiery remarks. Taking to social media, Schiff declared Bitcoin a “national security threat,” claiming its growing prominence is harming the economy and diverting resources from productive sectors.
“It’s one thing for private citizens to waste their money on Bitcoin,” he wrote on X (formerly Twitter). “But bribing officials to squander public money on it makes Bitcoin public enemy number one.”&nbsp;
Schiff accused Bitcoin supporters of influencing government officials to back the cryptocurrency, intensifying his criticism of Bitcoin as a speculative bubble.
While Schiff sees Bitcoin as an economic threat, the cryptocurrency is gaining significant traction. Institutional investors are jumping in, and Bitcoin exchange-traded funds (ETFs) have made waves. Reports suggest these ETFs now hold more Bitcoin than its mysterious creator, Satoshi Nakamoto.
Schiff didn’t hold back, arguing that Bitcoin misdirects investments from essential sectors, damaging economic productivity. “Bitcoin isn’t a threat to gold but to the U.S. economy,” he insisted, doubling down on his belief that gold, unlike Bitcoin, has intrinsic value.
His comments have drawn mockery from the crypto community. Nate Geraci, president of The ETF Store, humorously noted Bitcoin’s progression in Schiff’s narrative. “In just 11 months, Bitcoin went from a sinking ship to a national security threat… You love to see it,” Geraci quipped.
Prominent Bitcoin advocate Erik Voorhees also chimed in, sarcastically highlighting broader issues like the $36 trillion U.S. national debt, which dwarf Bitcoin’s impact. Meanwhile, proposals like MicroStrategy co-founder Michael Saylor’s idea for the U.S. government to replace gold reserves with Bitcoin have sparked further controversy.
Despite Schiff’s relentless criticism, Bitcoin recently hit a milestone, surpassing the $100,000 mark for the first time. Predictions about its future continue to fuel debate. Some speculate it could soar to $3 million if it becomes a reserve asset, while others argue it remains a speculative gamble.
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Peter Schiff Declares Bitcoin a Threat to the Nation

The Crypto Times

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