U.Today – Peter Schiff, a long-time critic of , has reignited his pun with MicroStrategy President Michael Saylor over the energy status of Bitcoin. The Bitcoin critic dismissed Saylor's claim that Bitcoin is digital energy.
Peter Schiff's latest criticism of Bitcoin
Bitcoin critic dismissed Michael Saylor's claim that Bitcoin is “digital energy.” He mentioned that it is another label, like “digital gold.” He believes these terms are exaggerated and do not reflect what Bitcoin does.
In the recent X post, Schiff questioned Saylor's view of Bitcoin as “digital energy.”
Schiff questioned the practicality of this description and asked how Bitcoin could ever generate energy. He argued that the digital asset is more speculative than a resource capable of producing energy or tangible utility.
Schiff reinforced his argument by contrasting Bitcoin with . He stressed that crude oil is irreplaceable in sustaining industries and human survival. Furthermore, he warned that their absence could cause mass famine.
Schiff then posed a rhetorical question: “If Bitcoin were to disappear, what critical function would it leave behind?”
Saylor's perspective on Bitcoin
As one of Bitcoin's leading proponents, Michael Saylor has often described Bitcoin in transformative terms, including “digital gold” and now “digital energy.” For Saylor, Bitcoin represents a breakthrough in technology and storage of value. He compared the crypto asset to the historical role of gold in monetary systems.
Industry figures such as “Rich Dad Poor Dad” author Robert Kiyosaki share Saylor's view, praising the value of Bitcoin and urging traders to consider investing. Kiyosaki consistently highlights Bitcoin's potential as a hedge against economic instability and an essential asset for financial growth.
However, Schiff sees these narratives as misleading attempts to elevate Bitcoin's status without addressing its practical limitations. Schiff's criticism underscores a broader ideological divide within the financial world.
While Bitcoin advocates like Saylor highlight its potential to transform finance, critics like Schiff doubt its practical use and sustainability. These divided opinions reflect ongoing debates about the true value and purpose of Bitcoin.
This article was originally published on U.Today.
