Peter Schiff: Bitcoin Is A ‘Gigantic Pump-And-Dump’, But ‘OGs Did A Great Job Of Selling T

October 24, 2025

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.

Bitcoin (CRYPTO: BTC) critic Peter Schiff has acknowledged that his biggest miscalculation was underestimating the public’s willingness to buy the cryptocurrency — yet he still insists it remains a “gigantic pump and dump” destined to go to zero.

In a recent interview clip shared on X, Schiff admitted that his main error was “underestimating the gullibility of the public to buy it and the marketing savvy of those who promote it.”

He credited early Bitcoin adopters — or “OGs” — for building a narrative strong enough to create demand out of nothing, saying they “did a great job of selling the story and getting people to buy what they wanted to get rid of.”

Schiff argued that those early holders used hype cycles to offload holdings onto retail investors.

“I still think it’s going to zero,” Schiff said. “It’s a gigantic pump and dump.”

Trending: Amazon and NVIDIA Partnered With This Robot Chef — Now Individual Investors Can Too

Schiff also claimed that Bitcoin’s rise above $100,000 earlier this year was partly driven by political and structural catalysts.

He argued that the launch of Bitcoin exchange-traded funds and the election of president Donald Trump were used by the industry to “pump up Bitcoin and crypto so they would be able to cash out.”

According to Schiff, “a lot of the dumping has been going on over the last several years,” adding that Bitcoin’s sideways movement since its $126,000 peak shows the rally has lost momentum.

He emphasized that when measured in gold — which he considers “real money” — Bitcoin has dropped roughly 30% from its highs.

BTC Price Action (Source: TradingView)

See Also: The ‘ChatGPT of Marketing’ Just Opened a $0.81/Share Round — 10,000+ Investors Are Already In

Bitcoin trades near $109,700 as of Thursday, attempting to stabilize after recent volatility.

The $108,000–$109,000 zone, aligned with the 200-day exponential moving average at $108,111, continues to serve as a critical support area.

A sustained defense of this level has prevented deeper losses through October.

However, short-term moving averages between $111,800 and $113,400 now act as overhead resistance, keeping recovery attempts capped.

A daily close above this cluster would signal renewed bullish momentum.

The Supertrend indicator remains higher at $119,393, suggesting significant resistance ahead.

As long as Bitcoin stays above its 200-day EMA and the long-term base near $108,000, the broader uptrend remains intact.

Losing this level could expose downside targets at $100,000 and $92,000.

While Schiff’s skepticism underscores persistent doubts among traditional economists,

Bitcoin’s structural support and institutional flows continue to attract market attention.

For now, the technical landscape favors cautious optimism as long as buyers defend the $108,000 base.

A breakout above $119,400 would invalidate the short-term bearish bias and potentially reopen the path toward $124,000.

Traders continue to view this consolidation as a key inflection point between sustained recovery and deeper correction.

Image: Shutterstock

Trending Now:

Building a resilient portfolio means thinking beyond a single asset or market trend. Economic cycles shift, sectors rise and fall, and no one investment performs well in every environment. That’s why many investors look to diversify with platforms that provide access to real estate, fixed-income opportunities, professional financial guidance, precious metals, and even self-directed retirement accounts. By spreading exposure across multiple asset classes, it becomes easier to manage risk, capture steady returns, and create long-term wealth that isn’t tied to the fortunes of just one company or industry.

Backed by Jeff Bezos, Arrived Homes makes real estate investing accessible with a low barrier to entry. Investors can buy fractional shares of single-family rentals and vacation homes starting with as little as $100. This allows everyday investors to diversify into real estate, collect rental income, and build long-term wealth without needing to manage properties directly.

Vinovest lets investors diversify into fine wine — a historically stable, low-volatility asset class that has outperformed the S&P 500 over multiple decades. With professionally managed portfolios, secure storage, and insurance included, users can invest in wine without needing to be experts themselves. Minimums start at $1,000, and investors retain full ownership of their wine, which has the potential to appreciate in value as global demand grows.

For those seeking fixed-income style returns without Wall Street complexity, Worthy Property Bonds offers SEC-qualified, interest-bearing bonds starting at just $10. Investors earn a fixed 7% annual return, with funds deployed to small U.S. businesses. The bonds are fully liquid, meaning you can cash out anytime, making them attractive for conservative investors looking for steady, passive income.

Self-directed investors looking to take greater control of their retirement savings may consider IRA Financial. The platform enables you to use a self-directed IRA or Solo 401(k) to invest in alternative assets such as real estate, private equity, or even crypto. This flexibility empowers retirement savers to go beyond traditional stocks and bonds, building diversified portfolios that align with their long-term wealth strategies.

Moomoo isn’t just for trading — it’s also one of the most attractive places to park cash. New users can earn a promotional 8.1% APY on uninvested cash, combining a 3.85% base rate with a 4.25% booster once activated. On top of that, eligible new users can also score up to $1,000 in free Nvidia stock—but the real draw here is the ability to earn bank-beating interest rates without having to move into riskier assets.

SoFi gives members access to a wide range of professionally managed alternative funds, covering everything from commodities and private credit to venture capital, hedge funds, and real estate. These funds can provide broader diversification, help smooth out portfolio volatility, and potentially boost total returns over time. Many of the funds have relatively low minimums, making alternative investing accessible.

Range Wealth Management takes a modern, subscription-based approach to financial planning. Instead of charging asset-based fees, the platform offers flat-fee tiers that provide unlimited access to fiduciary advisors along with AI-powered planning tools. Investors can link their accounts without moving assets, while higher-level plans unlock advanced support for taxes, real estate, and multi-generational wealth strategies. This model makes Range especially appealing to high-earning professionals who want holistic advice and predictable pricing.

For investors concerned about inflation or seeking portfolio protection, American Hartford Gold provides a simple way to buy and hold physical gold and silver within an IRA or direct delivery. With a minimum investment of $10,000, the platform caters to those looking to preserve wealth through precious metals while maintaining the option to diversify retirement accounts. It’s a favored choice for conservative investors who want tangible assets that historically hold value during uncertain markets.

This article Peter Schiff: Bitcoin Is A ‘Gigantic Pump-And-Dump’, But ‘OGs Did A Great Job Of Selling The Story’ originally appeared on Benzinga.com

Terms and Privacy Policy

 

Peter Schiff: Bitcoin Is A ‘Gigantic Pump-And-Dump’, But ‘OGs Did A Great Job Of Selling T

October 24, 2025

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.

Bitcoin (CRYPTO: BTC) critic Peter Schiff has acknowledged that his biggest miscalculation was underestimating the public’s willingness to buy the cryptocurrency — yet he still insists it remains a “gigantic pump and dump” destined to go to zero.

In a recent interview clip shared on X, Schiff admitted that his main error was “underestimating the gullibility of the public to buy it and the marketing savvy of those who promote it.”

He credited early Bitcoin adopters — or “OGs” — for building a narrative strong enough to create demand out of nothing, saying they “did a great job of selling the story and getting people to buy what they wanted to get rid of.”

Schiff argued that those early holders used hype cycles to offload holdings onto retail investors.

“I still think it’s going to zero,” Schiff said. “It’s a gigantic pump and dump.”

Trending: Amazon and NVIDIA Partnered With This Robot Chef — Now Individual Investors Can Too

Schiff also claimed that Bitcoin’s rise above $100,000 earlier this year was partly driven by political and structural catalysts.

He argued that the launch of Bitcoin exchange-traded funds and the election of president Donald Trump were used by the industry to “pump up Bitcoin and crypto so they would be able to cash out.”

According to Schiff, “a lot of the dumping has been going on over the last several years,” adding that Bitcoin’s sideways movement since its $126,000 peak shows the rally has lost momentum.

He emphasized that when measured in gold — which he considers “real money” — Bitcoin has dropped roughly 30% from its highs.

BTC Price Action (Source: TradingView)

See Also: The ‘ChatGPT of Marketing’ Just Opened a $0.81/Share Round — 10,000+ Investors Are Already In

Bitcoin trades near $109,700 as of Thursday, attempting to stabilize after recent volatility.

The $108,000–$109,000 zone, aligned with the 200-day exponential moving average at $108,111, continues to serve as a critical support area.

A sustained defense of this level has prevented deeper losses through October.

However, short-term moving averages between $111,800 and $113,400 now act as overhead resistance, keeping recovery attempts capped.

A daily close above this cluster would signal renewed bullish momentum.

The Supertrend indicator remains higher at $119,393, suggesting significant resistance ahead.

As long as Bitcoin stays above its 200-day EMA and the long-term base near $108,000, the broader uptrend remains intact.

Losing this level could expose downside targets at $100,000 and $92,000.

While Schiff’s skepticism underscores persistent doubts among traditional economists,

Bitcoin’s structural support and institutional flows continue to attract market attention.

For now, the technical landscape favors cautious optimism as long as buyers defend the $108,000 base.

A breakout above $119,400 would invalidate the short-term bearish bias and potentially reopen the path toward $124,000.

Traders continue to view this consolidation as a key inflection point between sustained recovery and deeper correction.

Image: Shutterstock

Trending Now:

Building a resilient portfolio means thinking beyond a single asset or market trend. Economic cycles shift, sectors rise and fall, and no one investment performs well in every environment. That’s why many investors look to diversify with platforms that provide access to real estate, fixed-income opportunities, professional financial guidance, precious metals, and even self-directed retirement accounts. By spreading exposure across multiple asset classes, it becomes easier to manage risk, capture steady returns, and create long-term wealth that isn’t tied to the fortunes of just one company or industry.

Backed by Jeff Bezos, Arrived Homes makes real estate investing accessible with a low barrier to entry. Investors can buy fractional shares of single-family rentals and vacation homes starting with as little as $100. This allows everyday investors to diversify into real estate, collect rental income, and build long-term wealth without needing to manage properties directly.

Vinovest lets investors diversify into fine wine — a historically stable, low-volatility asset class that has outperformed the S&P 500 over multiple decades. With professionally managed portfolios, secure storage, and insurance included, users can invest in wine without needing to be experts themselves. Minimums start at $1,000, and investors retain full ownership of their wine, which has the potential to appreciate in value as global demand grows.

For those seeking fixed-income style returns without Wall Street complexity, Worthy Property Bonds offers SEC-qualified, interest-bearing bonds starting at just $10. Investors earn a fixed 7% annual return, with funds deployed to small U.S. businesses. The bonds are fully liquid, meaning you can cash out anytime, making them attractive for conservative investors looking for steady, passive income.

Self-directed investors looking to take greater control of their retirement savings may consider IRA Financial. The platform enables you to use a self-directed IRA or Solo 401(k) to invest in alternative assets such as real estate, private equity, or even crypto. This flexibility empowers retirement savers to go beyond traditional stocks and bonds, building diversified portfolios that align with their long-term wealth strategies.

Moomoo isn’t just for trading — it’s also one of the most attractive places to park cash. New users can earn a promotional 8.1% APY on uninvested cash, combining a 3.85% base rate with a 4.25% booster once activated. On top of that, eligible new users can also score up to $1,000 in free Nvidia stock—but the real draw here is the ability to earn bank-beating interest rates without having to move into riskier assets.

SoFi gives members access to a wide range of professionally managed alternative funds, covering everything from commodities and private credit to venture capital, hedge funds, and real estate. These funds can provide broader diversification, help smooth out portfolio volatility, and potentially boost total returns over time. Many of the funds have relatively low minimums, making alternative investing accessible.

Range Wealth Management takes a modern, subscription-based approach to financial planning. Instead of charging asset-based fees, the platform offers flat-fee tiers that provide unlimited access to fiduciary advisors along with AI-powered planning tools. Investors can link their accounts without moving assets, while higher-level plans unlock advanced support for taxes, real estate, and multi-generational wealth strategies. This model makes Range especially appealing to high-earning professionals who want holistic advice and predictable pricing.

For investors concerned about inflation or seeking portfolio protection, American Hartford Gold provides a simple way to buy and hold physical gold and silver within an IRA or direct delivery. With a minimum investment of $10,000, the platform caters to those looking to preserve wealth through precious metals while maintaining the option to diversify retirement accounts. It’s a favored choice for conservative investors who want tangible assets that historically hold value during uncertain markets.

This article Peter Schiff: Bitcoin Is A ‘Gigantic Pump-And-Dump’, But ‘OGs Did A Great Job Of Selling The Story’ originally appeared on Benzinga.com

Terms and Privacy Policy

 

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