Peter Schiff Labels Bitcoin a ‘Memecoin’ and ‘Giant Cult’ During Fiery Bitcoin 2025 Conference Debate
At the Bitcoin 2025 conference in Las Vegas, well-known gold advocate and outspoken Bitcoin skeptic Peter Schiff delivered a blunt critique of the cryptocurrency, drawing both laughter and frustration from attendees.
Speaking at the Venetian Convention Center on Thursday, Schiff dismissed the Bitcoin community as “a giant cult” and referred to Bitcoin (BTC) as nothing more than a “memecoin,” challenging the digital asset’s legitimacy as real wealth.
Schiff, who first gained recognition as a stockbroker and has long championed gold, reiterated his belief that Bitcoin lacks intrinsic value. He pointed to global central banks continuing to amass gold—not Bitcoin—as proof that gold remains the world’s true reserve asset.
“Every time I tell people not to buy bitcoin, they buy more,” Schiff joked. “I’m probably responsible for more people owning bitcoin than anyone else at this conference.”
His remarks came in response to earlier comments from U.S. Vice President J.D. Vance, who praised Bitcoin for creating “unparalleled wealth” over the past decade. Schiff pushed back, arguing that Bitcoin’s gains represent a transfer of wealth from latecomers to early adopters rather than genuine value creation. “It’s a pyramid structure,” he asserted, “not innovation.”
The audience’s reaction was mixed—ranging from laughter to groans—but Schiff remained steadfast in his criticism. He maintained that Bitcoin’s price is driven by hype rather than solid economic fundamentals, a stark contrast to the broader enthusiasm at the conference, where many celebrated Bitcoin’s increasing institutional adoption and expanding financial influence.
