Key Points
- Peter Schiff accuses the IRS of falsely targeting his bank for tax evasion, leading him to express his skepticism about Bitcoin.
- Schiff continues to argue that Bitcoin is not just speculative, but inherently dangerous, leading to an inevitable collapse.
Peter Schiff, a long-time critic of Bitcoin (BTC), has once again expressed his skepticism about the leading cryptocurrency.
This comes amidst a legal battle over his now-defunct Euro Pacific Bank, which faced regulatory scrutiny and was ultimately shut down.
Peter Schiff’s Accusations Against IRS
Schiff has accused the U.S. Internal Revenue Service (IRS) and “The New York Times” of conspiring to falsely link his bank to tax evasion and money laundering.
He claims that the IRS knowingly targeted his bank despite its innocence, allowing “The New York Times” to push a misleading narrative of tax evasion and money laundering.
To challenge this, Schiff has filed a defamation lawsuit against both entities.
Schiff’s latest remarks took an unexpected turn when a user accused him of attacking Bitcoin holders whenever the market dips.
In response, Schiff defended his stance, arguing that his concerns go beyond individual losses.
Schiff’s Stance on Bitcoin
He reiterated his belief that Bitcoin is not just speculative but inherently dangerous, luring more investors into what he sees as an inevitable collapse.
According to Schiff, the question is not if the Bitcoin bubble will burst, but when.
Recently, Schiff also claimed that Bitcoin is in a “stealth bear market” when measured against gold.
With BTC now fetching 24% fewer ounces of gold than at its 2021 peak, his argument has gained traction amid recent market turbulence.
Bitcoin’s struggle to maintain momentum has further triggered a wave of liquidations, wiping out $93.2 million in positions—most of them long bets.
As Bitcoin hovers around $83,526.36, its volatile trajectory continues to fuel heated debates between critics like Schiff and steadfast believers in its long-term value.
