If you thought Bitcoin was just a shiny new toy for tech bros, congratulations—you’ve clearly never seen it hit $123,000 in July. Wall Street, the internet, and anyone with a spare credit card have collectively decided that this digital ledger is the next big thing. Or, as the British might say, “Crikey, this is either genius or madness.”
Bitcoin’s daily trading volume is now so high, it’s practically a waterfall of cash. And while the average price has dipped slightly to $117,000 (because nothing stays at a peak forever, even if it’s a crypto peak), the market cap? A staggering $1 trillion in realized gains. That’s enough to buy every loaf of bread in the U.S. and still have change for a yacht. Or a ponzi scheme.
Retirees, altcoin flippers, and corporations like Michael Saylor’s company—because nothing says “stable investment” like betting on a digital ledger that runs on electricity and hope—are all riding this train. But here’s the catch: Peter Schiff, the man who’s spent years calling Bitcoin “a bubble,” isn’t impressed. He’s the guy who thinks Bitcoin is just a fancy way to print money, but with more buzzwords.
While Congress dabbles in passing the GENIUS Act (because nothing says “genius” like turning stablecoins into a legislative circus), Schiff scoffs. To him, it’s not Bitcoin’s strength—it’s the dollar’s weakness. “Sure, Bitcoin’s hitting records,” he says, “but only in dollars. In euros? Not so much. The dollar’s basically the financial version of a used car.”
Schiff’s logic? If Bitcoin’s value is only rising because the dollar is tanking, then congrats, you’ve just invented the world’s most expensive inflation hedge. Or, as he puts it, “a house of cards built on Fed policies and the collective delusion of the American public.” He also calls it a “Ponzi scheme,” which is fair if your definition of “scheme” includes things like “trusting a digital asset that exists only because people keep buying it.”
So, is Bitcoin a revolution or a reckoning? Is the dollar doomed, or is Schiff just the grumpy uncle of finance? Either way, the ride continues—and it’s getting wilder by the minute. Buckle up. Or don’t. You’ve probably already bought in anyway. 😂
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2025-07-21 01:21