Peter Schiff Slams Bitcoin as "Cult" and "Memecoin" at BTC 2025 Conference

At the Bitcoin 2025 conference in Las Vegas, outspoken Bitcoin critic and gold advocate Peter Schiff made waves by labeling the Bitcoin community a “giant cult” and dismissing the cryptocurrency as a “memecoin.” Speaking in a heated exchange with journalist Natalie Brunell at the Venetian Convention Center, Schiff reiterated his long-standing argument that Bitcoin lacks intrinsic value and remains a speculative asset driven by hype rather than fundamentals.

Known for championing gold, Schiff pointed to continued accumulation of gold by global central banks as evidence of its enduring status as the world’s true reserve asset—unlike Bitcoin, which he said has failed to achieve similar legitimacy. “Every time I tell people not to buy bitcoin, they buy more,” he joked, suggesting that his criticism ironically fuels Bitcoin adoption.

The comments came in stark contrast to the rest of the event, which largely celebrated Bitcoin’s institutional adoption and growing market influence. Schiff responded directly to U.S. Vice President J.D. Vance, who earlier in the day praised Bitcoin for creating “unparalleled wealth” over the past decade. Schiff countered that the wealth generated is not true value creation but a redistribution favoring early adopters at the expense of newcomers, calling it a “pyramid structure” rather than technological innovation.

Despite mixed reactions from the audience—some laughing, others groaning—Schiff maintained his stance, asserting that Bitcoin’s value surge is based on speculation, not economic fundamentals. His remarks served as a sharp counterpoint to the broader pro-Bitcoin sentiment dominating the conference.

This fiery appearance adds to Schiff’s reputation as one of Bitcoin’s most persistent skeptics, even as the crypto continues to gain mainstream traction and trade above $107,000.