Peter Schiff believes Bitcoin is flawed and does not think policy support is sufficient.
May 2, 2026
Peter Schiff believes that despite the recent positive political and institutional shifts in the US, Bitcoin is “broken.” The cryptocurrency remains stagnant around $76,000, far from its previous highs exceeding $110,000 from last year. Schiff, Euro Pacific Capital’s CEO and Chief Global Strategist, emphasized in an interview with TheStreet that the momentum in the crypto space has not translated into higher prices for Bitcoin.
One notable development Schiff highlighted was President Trump’s executive order in March, instructing the Treasury Department to retain and consolidate about 200,000 seized Bitcoins as a strategic national asset. Despite these actions, Bitcoin’s price has not reflected the anticipated appreciation. Schiff described the current state of the market as “very unhealthy” due to the disconnect between favorable factors and price performance.
Schiff pointed out that early Bitcoin investors might still see profits, but new buyers are unlikely to experience similar gains. He also argued that Bitcoin will not replace gold as the ultimate store of value, reinforcing his skepticism about the cryptocurrency’s future prospects compared to the precious metal.
Although Bitcoin has shown a slight increase of about 1% in the past 24 hours, trading above $76,000, it remains below the peak levels witnessed last year. On Stocktwits, sentiment surrounding BTC among retail investors remained neutral, with a normal level of discussion on the platform.
In the broader financial landscape, while gold experienced a slight decline of approximately 0.22%, equities continued to surge in recent trading sessions. One prominent investor, Steve Eisman, known for his role in the “Big Short,” noted that technology stocks and banks have been performing well while gold has been lagging behind, failing to keep pace with overall market gains.
Contrasting views on Bitcoin’s trajectory continue to emerge. Analyst Titan of Crypto suggested that Bitcoin’s current price movement aligns with the pattern observed during the 2021-2022 cycle, indicating a critical inflection point. The analyst highlighted that Bitcoin previously dipped below the lower band but managed to recover and surpass the midline, underscoring the uncertainty surrounding its short-term trend.
Despite the conflicting signals across various markets, Schiff’s reservations about Bitcoin’s sustainability and its ability to outperform gold persist. As the cryptocurrency market remains dynamic and subject to diverse influences, investors navigate these uncertainties while observing the evolving trends within the sector.