Peter Schiff’s Hilarious Take on Bitcoin: A Scarcity Joke Unfolds!

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In an exhilarating twist of fate that surely sent shivers down the spines of Bitcoin enthusiasts, the illustrious Peter Schiff, that ever-persistent advocate of gold, has again taken up arms against the ephemeral mystique of cryptocurrency. With a flourish that can only be likened to a literary duel of wits, he boldly dismissed the vaunted supply cap of 21 million Bitcoins as an utterly arbitrary convention, a mere figment of the collective mind; an illusion wrapped in the robes of perceived scarcity. 🎭

“Imagine for a moment,” he mused, “what if we were to redefine this entire narrative, shifting from 21 million coins to a staggering 21 billion? When one considers the ramifications of renaming each Bitcoin as 100K satoshis (not the commonplace 100M), the actual emission remains unchanged! Yet, would such a stroke of genius still evoke that precious feeling of scarcity?” He posed this rhetorical question on the hallowed abodes of X, asserting with indignant flair that the count of Bitcoin is “actually meaningless,” while undeniably proclaiming that “It’s the satoshi supply that counts.” Quite the philosophical conundrum, wouldn’t you agree? 🤔

Scarcity: A Theater of the Absurd

According to our dear economist, the significance of Bitcoin’s purported scarcity, much like a well-crafted farce, is anchored not in reality, but rather in the sweet embrace of perception’s capricious nature. Schiff believes that this peculiar subdivision of 100 million satoshis per Bitcoin constructs an arbitrary psychological reality that deftly influences the behavior of beleaguered investors. Oh, the irony of it all! 📉

Gold has taken a temporary pause. Meanwhile silver is beating Bitcoin. I own silver too.

— Peter Schiff (@PeterSchiff) July 12, 2025

As he was gently prodded regarding Bitcoin’s current standings in the mercurial world of price performance vis-a-vis gold, Schiff offered a dismissive wave of the hand. “Ah, gold is but temporarily resting!” he exclaimed. “Look at silver, that cheeky upstart; it’s outpacing Bitcoin! And, of course, I own silver too!” A scandalous affair indeed! 🥴

The Grand Classification of Bitcoin

In his ever-enlightening commentary, Schiff endeavored to categorize Bitcoin as nothing more than a risk asset, merrily dancing hand-in-hand with tech stocks rather than serving as a sanctuary of safety. He pointed to the flamboyant NVIDIA’s ascent to record highs and the QQQ ETF’s near-historic peaks as indicative of Bitcoin’s courtship with speculative investments, rather than the conservative bastion its advocates claim it to be.

“Once more,” he lamented, “CNBC reels forth to trumpet Bitcoin’s ostensible outperformance against gold. But mark my words! Bitcoin is but a risk asset, fluttering alongside technology stocks!” He scoffed, reinforcing his point with the rather pedestrian observation that gold’s steady course showcases its status as a refuge in tempestuous market conditions, while Bitcoin frolics merrily in the fields of risk. 🎢

CNBC is once again touting Bitcoin’s recent outperformance of gold. But Bitcoin is a risk asset — it rallied with tech stocks. $NVDA hit a new record high today. The $QQQ is barely off its record high set Wednesday. In that environment, gold — a safe haven — has traded sideways.

— Peter Schiff (@PeterSchiff) July 11, 2025

Our dear economist also made a fleeting mention of silver’s audacious approach to $38 per ounce, achieving heights unseen since March 2012. Yet, he lamented the plight of precious metals mining stocks, shrouded in gloom as “investors are being distracted by Bitcoin.” Oh, the trials of a goldman trying to navigate the tumultuous seas of cryptocurrency! 🎩

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2025-07-13 23:48