Peter Schiff Slams Bitcoin As ‘Fake Asset’ Amid Price Drop, Accuses CNBC of 'Hosting Bitcoin Shills’

Group 1 - Peter Schiff has labeled Bitcoin a "fake asset" and criticized CNBC for ignoring its structural weaknesses, coinciding with a nearly 5% drop in Bitcoin's value [1][6] - Schiff argues that Bitcoin's decline is not merely a risk-off sentiment but a shift from "fake to real assets," highlighting that Bitcoin is currently 28% below its record high while the Nasdaq is less than 2% from its peak [2] - Schiff believes that Bitcoin's value proposition is illusory and that the market will eventually reject it, stating that he initially misjudged market psychology regarding Bitcoin's viability [3] Group 2 - Schiff has previously claimed that Bitcoin fails as a medium of exchange and a store of value, advocating for gold-backed digital tokens as a superior alternative [4] - He has criticized media outlets, particularly CNBC, for not challenging bullish narratives around crypto and for failing to hold guests accountable for inaccurate Bitcoin forecasts [7]