Peter Schiff, a prominent gold investor and Bitcoin skeptic, has publicly criticized JD Vance’s recent speech at the Bitcoin 2025 conference. At the conference, Vance praised Bitcoin and cryptocurrencies for creating vast new wealth, but Schiff strongly disagrees. He said, “No actual wealth was created, as these tokens do not represent wealth.”
Instead, Schiff explained , what happened was a “massive transfer of wealth” from early Bitcoin investors to those who bought in later, with capital misallocated and resources wasted along the way.
Vance also explained that Bitcoin acts as a hedge for poor government policies and rampant inflation. Schiff explained that because Vance is a member of the administration implementing those poor policies, Americans require a hedge. Yet, he believes that gold and silver, not Bitcoin, will offer true protection.
He cautions that encouraging people to use Bitcoin as the preferred hedge may lead them to purchase the “wrong asset.” Schiff said that rather than pushing people to buy things like Bitcoin that could do little to protect their money, it would be better if Trump and Vance focused their time developing sensible government policies to lower inflation.
He believes that traditional commodities like gold and silver, as well as sensible regulations, are safer choices. Vance previously maintained that, in spite of its price fluctuations, Bitcoin acts more like a tech stock than a trustworthy inflation hedge. He cautioned that because Bitcoin is an uncertain hedge due to its volatility, investors should put their faith in gold for long-term safety.
