Peter Schiff: Bitcoin Has No Real Value to Store

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