As Bitcoin pushed past $122,000, economist and gold advocate Peter Schiff is once again warning that the surge is built on shaky ground—not adoption, but speculation.
Schiff claims that the driving force behind BTC’s rally is a wave of corporate treasury buys, calling it “a Ponzi built on a pyramid.”
In Q2 2025, more than 46 public companies added 159,000 BTC, raising total corporate holdings to roughly 847,000 BTC, or 4% of the total supply. Firms like GameStop, Trump Media, and Figma have recently joined the list.
Crypto supporters view this trend as a sign of institutional validation, especially as U.S. lawmakers weigh pro-crypto bills like the CLARITY and Anti-CBDC Acts.
But Schiff sees only momentum chasing and warns that if inflows slow, the structure could collapse.
Despite being a longtime critic, Schiff’s voice continues to resonate in traditional finance, even as Bitcoin’s rise challenges the old guard.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/peter-schiff-slams-bitcoin-rally-as-speculative-pyramid-play/