A growing wave of corporate bitcoin accumulation is triggering concern among critics who argue the trend is fueling unsustainable speculation and eroding the asset’s decentralized ethos. Economist and gold advocate Peter Schiff stated on social media platform X on July 14 that the current bitcoin rally is driven not by grassroots adoption, but by large firms stockpiling bitcoin to spark future demand. He opined:
Bitcoin demand has shifted to bitcoin treasury companies and speculators looking to front-run that buying.
The economist warned: “This is a Ponzi built on a pyramid. It’s not about broadening bitcoin adoption — it’s about wild centralized speculation that undermines bitcoin’s foundational principles.” His concerns were reinforced by economist Steve Hanke, who wrote: “Companies swapping productive investments for bitcoin ‘treasuries’ are playing roulette. Bitcoin and ethereum treasuries have no business model because BTC has no fundamental value.”
Schiff elaborated further in a reply directed at Strategy (Nasdaq: MSTR) co-founder and executive chairman Michael Saylor and journalist Laura Shin, stating: “It’s only going up until the bubble bursts, then it will crash. This is how pyramid schemes work. Bitcoin is based on the greater fool theory.” Schiff added: “Saylor may well end up being the greatest fool, but this dynamic can’t continue forever. They never have. Bitcoin won’t be the exception.” Hanke, a professor of applied economics at Johns Hopkins University, supported Schiff’s criticism, writing that Schiff “is spot on.” Both argue that the current bitcoin treasury model prioritizes hype over fundamentals, warning that investors could be left exposed when sentiment shifts.
In contrast to digital assets, Schiff pointed to silver’s performance as a sign of enduring value. On July 14, he noted silver had climbed above $39, its highest level since February 2012: “The silver train keeps on quietly chugging along.” He continued: “The rise in silver is far more significant to the real world than bitcoin’s new high. Industries that need silver will now have to pay more to buy it. No one needs bitcoin.”
Still, many crypto advocates counter that bitcoin offers unique attributes gold and silver cannot match, including a fixed supply, seamless cross-border transferability, and resistance to government seizure or monetary debasement. Proponents argue bitcoin functions as “digital gold,” combining scarcity with programmability, and that its open, decentralized nature gives it long-term utility beyond industrial use cases.
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