Peter Schiff recently restated his doubts about Bitcoin's usefulness, likening it to a pet rock in a social media post. He emphasized the limited practical applications of the cryptocurrency and compared it unfavorably to everyday items like rocks that have more everyday utility. Schiff's remarks underscore his belief that Bitcoin does not have inherent value, despite its scarcity.

Schiff has consistently argued in the past that gold's value is supported by its physical properties and real-world uses in industries like electronics and jewelry. He continues to maintain that Bitcoin is lacking in unique features that would justify its market value. Schiff sees it as a speculative asset with no intrinsic qualities that would make it a valuable commodity.

In addition to critiquing Bitcoin's utility, Schiff has voiced concerns about market speculation. He cautioned against the current optimism among cryptocurrency enthusiasts, warning that markets often do not perform as expected. He suggested that Bitcoin could be vulnerable to a significant price correction, especially as it struggles to surpass the $71,000 mark.

Schiff also pointed out potential risks associated with Bitcoin ETFs, describing them as "speculative casinos." Despite the profitability of ETFs like BlackRock's IBIT ETF, Schiff remains doubtful about their long-term sustainability. He fears that investors could face heavy losses, potentially leading to legal action against ETF issuers, despite clear risk disclosures.

Schiff's persistent skepticism about cryptocurrencies extends beyond Bitcoin to the wider crypto market. He has consistently compared BTC unfavorably to traditional assets like gold and fiat currencies, emphasizing the reliability and functionality of fiat currencies within the global economy. According to Schiff, Bitcoin's lack of government backing and intrinsic utility make it a less trustworthy store of value. He has warned of potential financial instability for investors due to the speculative nature of Bitcoin ETFs.