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Veteran gold advocate and longtime Bitcoin critic Peter Schiff has once again targeted the world's top cryptocurrency, claiming that it lacks the fundamental characteristics of a true store of value.
"Bitcoin has no real value to store," Schiff said in a recent tweet. According to Schiff, there is a "huge difference" between a store of value such as gold and a speculative digital token like Bitcoin. While acknowledging Bitcoin’s impressive price gains over the years, he insists those past performances do not qualify it as a store of value.
"Yes, the price of Bitcoin went way up, but prior speculative gains don’t qualify Bitcoin as a store of value for current buyers," Schiff said, implying that Bitcoin is speculative.
"Everything about it is speculative. The proof is in the digital pudding," Schiff said in a response to an X user who said he had no proof that Bitcoin was speculative.
Bitcoin price rally
July has been an explosive month for Bitcoin, marked by a surge in upside volatility, with the price rallying from a weekly low of $105,400 to set a new all-time high of $122,700. The significant price increase has prompted a rush of profit-taking from existing holders and an inflow of new demand from buyers.
Near-term momentum has cooled off, and the Bitcoin price has been consolidating and coiling just below its ATH since then. Bitcoin was recently trading up 0.2% in the last 24 hours to $118,481. It is up 11% so far in July and on track to mark its fourth consecutive month of increases since March 2025.
The $120,000 Bitcoin price remains significant as it corresponds with a key on-chain price level that historically acts as a natural resistance. The next key resistance is currently trading around $136,000, per on-chain data.
Vladislav Sopov
U.Today Editorial Team