In a Las Vegas convention center packed with 30,000 Bitcoin enthusiasts, one man stood apart. Peter Schiff, Chief Global Strategist of Euro Pacific Asset Management, was the only attendee who didn’t believe in Bitcoin.
It felt like a sober person stumbling into a mass hypnosis session—or an atheist wandering into a religious revival. But Schiff wasn’t there to cause trouble. He came with a simple message: the emperor has no clothes.
Entering the Hall of Frenzy
As Peter Schiff walked through the glass doors of the convention center, he was met not only by Las Vegas’s signature air conditioning but also by an almost tangible wave of excitement. Neon lights glowed brighter than those on the casino strip. The hall was buzzing with energy, and every booth showcased flashy tech demos promising a revolutionary future.
Schiff adjusted the heavy gold bracelet on his wrist—worth around $20,000, made of real, physical gold. In this carnival of digital assets, he might have been the only one who still valued something tangible.
"Peter Schiff!" a young man called out, a mix of admiration and confusion in his eyes. "What are you doing here? Aren’t you Bitcoin’s biggest critic?"
Schiff smiled wryly. It was the same question he’d been asked all day. And he already knew what would come next.
"You know, I bought Bitcoin because of you!" the young man exclaimed. "You taught me about sound money and Austrian economics—and that made me realize Bitcoin is digital gold!"
"It’s true—I might be the person who’s unintentionally brought more people into Bitcoin than anyone else. That was never my goal, but irony has a way of writing its own script," Schiff reflected.
Echoes of 2006
The opulence of the convention center reminded Schiff of the mortgage lending conferences held in the same city back in 2006. Back then, the atmosphere was just as euphoric. Billboards advertised "zero down payments" and "no income verification." Mortgage brokers insisted that housing prices would never fall.
Now, Bitcoin advocates were just as confident, chanting “To the moon!” with unwavering faith.
History doesn't repeat itself, but it often rhymes. Back in 2006, Schiff was the outlier warning about subprime mortgages. Today, he’s the skeptic in a room full of crypto believers. The difference this time? The scale is larger, the crowd is bigger, and the financial stakes are even higher.
"Look at these exhibits," Schiff remarked to a journalist beside him, gesturing at the lavish booths. "Many of these companies produce nothing. They offer no real service. Their sole purpose is to make it easier for people to speculate."
The journalist raised an eyebrow. "But they’re making money, aren’t they?"
"For now," Schiff replied. "So were the subprime brokers in 2006."
Conversations with the Faithful
A Parade of Selfies
Throughout the morning, a steady stream of people visited Schiff’s booth. Surprisingly, most weren’t there to hear about gold. They wanted selfies.
"Can I take a picture with you?" asked another twenty-something. "I’m going to post this on Twitter—show everyone that even Peter Schiff is at the Bitcoin conference!"
Schiff obliged, though he’d lost count of how many photos he’d taken that day. Each person seemed to share the same sentiment: "Thank you for helping me discover Bitcoin!"
The irony was palpable. He had taught them about sound money, and they had bought digital tokens. He had advised them to invest in gold, and they had chosen Bitcoin.
"Come on, Peter, admit it," said a sharp-looking young investor. "You’re a secret Bitcoin believer. Otherwise, why would you publicize your Bitcoin address on Twitter?"
Schiff had to explain his "Bitcoin strategic reserve" plan—if he could acquire Bitcoin at zero cost, he was willing to hold it, much like a certain former president had suggested. And people had indeed sent Bitcoin to his address. Its value had increased significantly since.
"But I said I’d hold it until it goes to zero," Schiff clarified.
The young man laughed. "You might be waiting forever."
The Lonely Voice of Reason
During an afternoon panel discussion, the host introduced Schiff by saying, "Our next guest might be the last person you expected to see at this event."
The audience of 30,000 laughed. Under the spotlight, Schiff felt a familiar sense of isolation. It wasn’t the first time he’d been in this position, and he knew it wouldn’t be the last.
"I want you all to look around," Schiff said into the microphone. "This huge venue, all these people—everyone here is convinced they’re on the winning side. But are you really early?"
A brief silence fell over the crowd.
"Maybe this is the top. When governments start buying Bitcoin, when vice presidents make appearances, when every senator talks about strategic reserves—doesn’t that sound like a sign of a peak?"
The Gold vs. Bitcoin Debate
"But only 5% of the world owns Bitcoin!" someone shouted from the audience.
"Five percent is a lot!" Schiff shot back. "Do you know how many people that is? Eight billion! What about India? China? Africa? Do you really believe all of them will buy Bitcoin?"
He raised his wrist. "This gold bracelet is worth $20,000. It’s real. You can touch it, melt it, turn it into jewelry or use it in electronics. What is Bitcoin?"
"Bitcoin is digital gold!" another voice insisted.
Schiff couldn’t help but smile. "If Bitcoin is digital gold, why does it move in the opposite direction of gold? When gold rises, Bitcoin often falls. When stocks fall, gold typically rises—but Bitcoin falls. It behaves more like a leveraged version of the Nasdaq than any substitute for gold."
Lessons from History
As evening settled in, the exhibition hall grew quieter. Schiff sat alone at his booth, watching small groups of attendees still animatedly discussing the future. He recognized the look in their eyes—a blend of greed and fear, disguised as hope.
In 1971, Nixon took the U.S. off the gold standard. The reason was simple: the government had spent too much money on the Vietnam War, the moon landing, and the Great Society programs. When the money ran out, the solution was to print more.
The Federal Reserve Chair at the time promised that leaving the gold standard would reduce inflation. Instead, the 1970s saw the U.S. dollar lose two-thirds of its value. Gold rose from $35 to $850 per ounce. Oil jumped from $3 to $30 per barrel.
Schiff’s father was one of the few who testified before the Senate Banking Committee against leaving the gold standard. He predicted high inflation, while the Fed Chair and the Treasury Secretary claimed the opposite—arguing that the dollar was backing gold and that leaving the standard would cause gold prices to fall.
History proved who was right.
The Absurdity of It All
The Irony of Government Bitcoin Buying
What struck Schiff as most absurd was the idea of governments buying Bitcoin with taxpayer money. Legislation proposed by Senator Lumis took it even further—revaluing the U.S. government’s gold holdings from Nixon-era prices to market value, then having the Fed print money to buy Bitcoin.
"That’s not zero cost—that’s inflation!" Schiff argued during the panel. "You’re using inflation tax to rob those who don’t own Bitcoin to subsidize those who do."
The audience reacted with murmurs and disagreement, but no one seriously engaged with his point.
Misallocated Resources
Schiff looked around the massive convention center and considered a deeper issue. All these companies, talent, and resources were being poured into what? Buying Bitcoin, holding Bitcoin, borrowing to buy more Bitcoin.
"Trump says he wants to make America great again, to boost productivity," Schiff noted, shaking his head. "But what are we doing? Creating meme coins! The Chinese are building factories. We’re speculating on air."
Leaving the Circus
As night fell, Schiff packed up to leave. He’d spoken to countless young people that day, each convinced they’d discovered the secret to wealth. They admired his investment wisdom but ignored his warnings.
"Maybe I’m just getting old," he mused. "Or maybe the world has gone mad in a way I can’t comprehend."
But he knew bubbles always burst. Like housing in 2008 or tech stocks in 2000, history has a way of repeating itself. The only question is when.
Stepping outside, Schiff looked up at the glittering Las Vegas skyline. The city never sleeps—just like the crypto markets, running nonstop, 24/7.
He took one last look at the convention center behind him. Inside, 30,000 people were still celebrating. And he, the lone skeptic, would continue to hold his ground.
Not out of stubbornness, but because he’d seen this story play out too many times before.
In an era where everyone believes they can get rich overnight, perhaps someone needs to remind us all that there’s no such thing as a free lunch. Gold is still gold. And air is just air.
Even if that makes him the only dissenter in a crowd of 30,000.
Frequently Asked Questions
What was Peter Schiff’s main argument against Bitcoin?
Schiff argues that Bitcoin lacks intrinsic value and isn’t a reliable store of wealth. Unlike gold, it has no industrial use, isn’t backed by anything physical, and behaves more like a speculative tech stock than "digital gold."
How does Peter Schiff view government adoption of Bitcoin?
He sees it as ironic and economically unsound. Using taxpayer money or newly printed currency to buy Bitcoin, in his view, amounts to inflating the currency at the expense of non-holders.
Why does Schiff compare Bitcoin mania to the 2006 housing bubble?
He sees similarities in the widespread belief that asset prices can only go up, the euphoric participation of retail investors, and the dismissal of critical voices—all hallmarks of previous financial manias that ended badly.
What alternative does Schiff recommend instead of Bitcoin?
He consistently advocates for physical gold, which he considers a proven store of value, a hedge against inflation, and an asset with thousands of years of monetary history.
Does Schiff believe Bitcoin will go to zero?
He has stated he would hold any Bitcoin he received until it becomes worthless, implying he believes its value could eventually collapse. However, he acknowledges that market irrationality can persist longer than expected.
How can investors avoid getting caught in financial bubbles?
Schiff emphasizes the importance of understanding intrinsic value, avoiding herd mentality, and focusing on productive assets rather than speculative trends. For deeper insights, you can explore more investment strategies.