Peter Schiff has admitted that he underestimated the extent to which people would use FOMO in Bitcoin. According to the director, his “biggest mistake” downplayed people’s “foolishness” in jumping on something that doesn’t work.
Source:
The old BTC critic has been condemning and predicting a BTC collapse for a while now. And yet his exaggerated projections never came to fruition. For example, in 2018 he warned that BTC would fall to $750, calling the then $3800 price level “overvalued.”
BTC has since risen to over $120,000 before retreating to $90,000, marking a nearly 23-fold increase. Even at press time, Schiff still believes BTC will collapse and calls those who don’t see a zero-sum endgame “fools.”
According to him, BTC is backed by “nothing” and is worth nothing – a belief he has held for more than a decade.
After BTC erased its 2025 gains, Schiff intensified attacks on BTC’s best Treasury strategy, labeling it “fraud.” However, despite its position, BTC and overall cryptocurrency adoption have increased.
Increase in global adoption
In 2025, the APAC region led global cryptocurrency adoption, with India, Pakistan and Vietnam being the dominant countries. According to Chain analysisAPAC saw a 69% year-over-year increase in value received across the chain, from $1.4 trillion to $2.36 trillion.
Chain analysis
Latin America and Sub-Saharan Africa followed closely as the second and third regions with the highest adoption rates. According to Chainalysis, rising interest in the Global South is driven by utilities such as remittances and daily payments.
At the asset level, BTC emerged as the most purchased cryptocurrency, followed by Ethereum. The report added:
“Bitco leads by a wide margin, accounting for over $1.2 trillion in fiat inflows during the period. That’s just over 70% more than ETH, which saw approximately $724 billion in volume during the period.”
Source: Chain analysis
That said, the US approval of Spot BTC ETFs in 2024 has been a bellwether for the declining asset class.
In general, the products do attracted $58 billion in cumulative inflows since launch, led by BlackRock, the world’s largest asset manager. In fact, BTC ETFs have become BlackRock’s main source of income.
Now JPMorgan and others want a piece of it somehow. For them, BTC acts as digital gold and a long-term safe haven against fiscal policy, a trend they’degrading trade.”
With institutional interest, global adoption, and a market cap of $1.8 trillion, it’s hard to dismiss BTC as “nothing,” as Schiff tries to portray it.
Final thoughts
- For Schiff, BTC doesn’t work like “digital gold,” and those who jump on it are “fools.”
- BTC and overall cryptocurrency adoption have increased globally, both at institutions and in the retail market.