Peter Schiff Slams Bitcoin as a ‘Memecoin’ and ‘Cult’ at Bitcoin 2025, Stands Firm on Gold

At the bustling Bitcoin 2025 conference in Las Vegas, gold bug and longtime Bitcoin critic Peter Schiff took the stage and didn’t mince words. In a lively exchange with journalist Natalie Brunell, Schiff branded Bitcoin (BTC) a “memecoin” and dismissed its passionate community as “a giant cult,” sparking both laughter and groans from the crowd.

Known for his unwavering support of gold, Schiff argued that Bitcoin lacks intrinsic value and pointed to the fact that central banks worldwide continue to hoard gold—not Bitcoin—as a testament to gold’s enduring status as the true store of value.

“Every time I tell people not to buy bitcoin, they buy more,” Schiff quipped, adding with a smirk, “I might actually be responsible for more people owning bitcoin than anyone else here.”

His comments directly challenged U.S. Vice President J.D. Vance’s earlier praise of Bitcoin’s role in creating “unparalleled wealth” over the last decade. Schiff countered by saying the crypto’s gains are less about creating new wealth and more about redistributing it—from latecomers to early investors. “It’s a pyramid scheme, not a breakthrough,” he asserted.

While reactions from the audience were mixed, Schiff stuck to his guns, insisting that Bitcoin’s soaring price is driven by hype rather than fundamental economic value. His skepticism stood out amid a conference largely marked by celebrations of Bitcoin’s growing institutional adoption and expanding role in global finance.