- Peter Schiff argues Bitcoin is still acting like a speculative tech stock, not a reliable inflation hedge—unlike gold.
- Meanwhile, support from figures like Senator Lummis and MicroStrategy’s ongoing BTC buys reflect continued institutional belief in Bitcoin’s long-term value.
- Despite a recent 14% price jump and growing long-term holder confidence, analysts warn that Bitcoin may face sell pressure near the $99,900 level.
Gold bug Peter Schiff is back at it again—taking aim at Bitcoin, and let’s just say, he’s not pulling any punches. Even with Bitcoin’s sharp 14% rally in April, Schiff’s not convinced. He argues that BTC still moves too much like a tech stock to ever be considered a real inflation hedge.
“Bitcoin hasn’t decoupled from the NASDAQ,” he pointed out, brushing off the rally as more noise than signal. According to Schiff, it’s all speculation—fueled by macro headlines, not actual value. And that volatility? A major red flag, especially during shaky economic times.
Not Everyone Agrees, Though…
Senator Cynthia Lummis clearly didn’t get Schiff’s memo. She’s all-in on Bitcoin and just threw her support behind the BITCOIN Act, claiming it might even help tackle the U.S. national debt—which, by the way, has ballooned past $36 trillion. Yeah, trillion.
Meanwhile, MicroStrategy is staying loyal to the orange coin, despite a pretty brutal Q1: a $16.49 per-share loss, mostly from a $5.9B Bitcoin writedown. Ouch. But Michael Saylor’s doubling down (of course he is), saying he still plans to stack another $84B worth of BTC. Long game, he says.
Macro Moves and Market Momentum
Helping BTC’s case a bit? Inflation in April dipped to 2.3%, sparking fresh hopes for interest rate cuts. Then Trump chimed in—pushing the Fed to ease up on policy, which only added fuel to the fire.
Fidelity’s Jurrien Timmer offered a more nuanced view: Bitcoin’s kind of a hybrid, acting as both “hard money” and a “risk asset.” He says gold might look better right now when adjusted for risk, but BTC still has big upside when liquidity improves.
Whale Watching and Warning Signs
According to data from Glassnode, long-term holders haven’t lost faith. They’ve actually scooped up around 254,000 BTC recently. But analysts are watching closely—if the price edges toward $99,900, we could see some major sell pressure. The bulls are hopeful, but let’s be real: it’s not all smooth sailing ahead.
So… Hedge or Hype?
Depends who you ask. Schiff says it’s a bubble wrapped in tech stock behavior. Lummis thinks it’s a fix for national debt. And the rest of us? Still watching this drama unfold, popcorn in hand.
