Economist and market commentator Peter Schiff critiqued Monday what he perceived as Bitcoin’s (CRYPTO: BTC) shift from decentralized adoption to centralized buying by treasury companies.
What Happened: In an X post, Schiff expressed his views on the current state of Bitcoin demand.
“Bitcoin demand has shifted to Bitcoin treasury companies and speculators looking to front-run that buying,” Schiff argued. “This is a Ponzi built on a pyramid.”
Schiff also aimed at Bitcoin supporters who frequently espouse the asset’s decentralized origins, saying, “It’s not about broadening Bitcoin adoption — it’s about wild centralized speculation that undermines Bitcoin’s foundational principles.”