Bitcoin’s biggest and longtime critic, Peter Schiff, has continued to deliver his brutal criticism of Bitcoin even in 2026, despite the bullish momentum spreading across the crypto ecosystem since the new year began.
On Monday, January 5, Peter Schiff made new assertions against a Bitcoin surge theory, which he considers a “false narrative,” from Fundstrat co-founder Tom Lee, whom he tagged as CNBC’s favorite Bitcoin shill.
Gold’s breakout is not bullish for Bitcoin: Peter Schiff
While Tom Lee had recently shared an idea that the historic rally in precious metals like silver and gold has often led crypto markets into major bullish cycles, Peter Schiff claims this is not the case.
Although Tom Lee’s recent claim that gold’s breakout to new highs is “bullish for Bitcoin” has resonated with the crypto community, Peter Schiff is not having it and has argued that Bitcoin’s rise over the past decade was based largely on gold’s stagnation.
According to his statements, Tom Lee strongly believes that increases in the price of gold often indicate growing concern over inflation and currency weakness; hence, this situation has continued to fuel a surge for Bitcoin and other digital assets over the years.
In his assertions, Schiff pointed out that there was a period when Bitcoin saw strong growth, yet gold traded sideways at the time. According to Schiff, this created the perfect opportunity for Bitcoin to market itself as a better inflation hedge and alternative safe haven.
Schiff further stressed that the recent surge in gold’s price has proven the case otherwise, reasserting that Bitcoin does not qualify to be described as digital gold.
Nonetheless, Peter Schiff has continued to warn against investments in Bitcoin, further noting that the asset’s success has relied heavily on gold appearing stagnant and outdated; thus, it quietly reveals Bitcoin’s lack of real value. Schiff believes that these conditions prove Bitcoin is a poor tool for storing value.
