Schiff accused CNBC anchors of repeating what he described as a false claim that gold has no practical use, suggesting they may be relying on talking points influenced by the network’s “Bitcoin advertisers.”
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On Tuesday, Schiff argued that CNBC frequently raises concerns about a potential silver bubble while rarely questioning whether Bitcoin may be overvalued.
“The truth is that silver prices have been much too low for far too long,” he wrote.
“What’s happening now is a long-overdue price adjustment. The surprise is not the rise, but how long it took.”
CNBC anchors like @SaraEisen continue to repeat the false talking point that gold has no use. Perhaps they’re just reading from notes prepared for them by @CNBC’s Bitcoin advertisers.
According to Schiff, the more notable development is not silver’s recent rise, but the length of time prices took to adjust upward.
Silver was trading at around $71 an ounce after hitting an all-time high of $83.62 on Monday.
Peter Schiff Calls Bitcoin a “Fake Asset”
On Nov. 30, Schiff argued that Bitcoin’s latest slide cannot be written off as part of a broader shift away from risk.
“Bitcoin isn’t selling off because it’s a risk asset, but because it’s a fake asset,” he wrote.
Bitcoin isn’t selling off because it’s a risk asset, but because it’s a fake asset. The NASDAQ is less than 2% from its record high, yet Bitcoin is 28% below its record high. This shows that there’s more than just risk-off at play. This is a rotation from fake to real assets.
Adding: “The Nasdaq is less than 2% from its record high, yet Bitcoin is 28% below its record high. This shows that there’s more than just risk-off at play. This is a rotation from fake to real assets.”
Bitcoin has faced renewed volatility in early 2025, underperforming major stock indexes despite earlier forecasts of renewed institutional demand.
Buyers Are “Foolish”
Schiff also said that early in Bitcoin’s rise he had misjudged market psychology, not the underlying technology.
“The biggest mistake I made with Bitcoin when I first learned about it was overestimating the ability of others to understand why it wouldn’t work,” he said.
Adding: “The very people foolish enough to buy it thinking it would work will be foolish enough not to sell it as the market proves me right.”
The biggest mistake I made with Bitcoin when I first learned about it was overestimating the ability of others to understand why it wouldn’t work. The very people foolish enough to buy it thinking it would work will be foolish enough not to sell it as the market proves me right.
The veteran gold advocate has repeatedly argued that Bitcoin’s value proposition is illusory and that markets will eventually reject it.
Schiff’s comments come after previous claims that Bitcoin fails as both a medium of exchange and a store of value.
“Bitcoin has no future. It’s not a good medium of exchange for payments,” he wrote on X, asserting that even some high-profile tech investors have shifted their stance.
Schiff pushed gold-backed digital tokens as a superior alternative, saying:
“If you also want a store of value, tokenized gold wins hands down. The race to get out of Bitcoin is on. Don’t be last,” he wrote.
CNBC Accusations
Schiff previously widened his criticism beyond Bitcoin itself, taking aim at media outlets and commentators he said have failed to challenge bullish narratives around crypto.
He alleged that CNBC interviewers routinely avoid tough questions and overlook the accuracy of previous predictions.
“CNBC will continue to host Bitcoin shills for softball interviews where they refuse to hold their guests accountable for their horribly wrong Bitcoin forecasts,” he wrote on X.
“…or ask them to explain why gold and silver are soaring as Bitcoin, which they touted as digital gold, keeps tanking.”
.@CNBC will continue to host Bitcoin shills for softball interviews where they refuse to hold their guests accountable for their horribly wrong Bitcoin forecasts, or ask them to explain why gold and silver are soaring as Bitcoin, which they touted as digital gold, keeps tanking.
The gold advocate has frequently accused crypto analysts of overstating Bitcoin’s resilience while dismissing precious metals, which he argues better reflect underlying economic stress.
Schiff said the recent divergence, precious metals rising as Bitcoin retreats, reinforces his long-standing view that digital assets cannot fulfill the role of “digital gold.”
Peter Schiff is a long-time critic of Bitcoin. | Source: X
In a separate exchange on X, Schiff pushed back against a user who said his Bitcoin forecasts had consistently missed the mark.
“No I have not. You just have not followed them closely enough. Yes I did not expect the huge rise early on, but the top was made in 2021. Since then I’ve been far more accurate than Bitcoin promoters,” he wrote.
Warns 2026 “Could Be Worse”
Schiff also ridiculed the excitement that surrounded Bitcoin during its rally toward $100,000 last year.
“How many people popping champagne corks at Bitcoin $100,000 parties a year ago expected 2025 to be this bad? 2026 could be far worse,” he said.
Bitcoin has been the target of Schiff’s criticism for more than a decade, and he has frequently touted gold as the only reliable long-term store of value
Despite his repeated warnings, Bitcoin has experienced several cycles of booms and busts.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
