Gold proponent Peter Schiff has taken another jab at Bitcoin BTC/USD, questioning where its current demand is coming from.
What Happened: In an X post on Tuesday, Schiff identified two major factors driving Bitcoin's demand:
Strategy's Relentless Bitcoin Purchases: Michael Saylor continues to leverage Strategy’s MSTR balance sheet by issuing debt and equity to accumulate more BTC, reinforcing institutional demand.
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This has positioned MSTR as one of the largest corporate holders of BTC, creating consistent buy pressure.
With its recent BTC purchase of 6,911 BTC between March 17 and March 23, the company has officially crossed a key milestone of half a million Bitcoin.
It now holds 506,137 BTC, worth around $44 billion at current prices.
Speculation on a U.S. Government Bitcoin Reserve: Traders are front-running the possibility of the U.S. establishing a Bitcoin reserve.
A U.S. move could spark a global Bitcoin arms race, pushing other nations to accumulate BTC as a strategic asset.
This speculation is driving additional capital into Bitcoin, fuelling its “digital gold” narrative.
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Why It Matters: Bitcoin advocate Carl B. Menger pushed back on Schiff's claims, emphasizing that beyond Saylor and whales, millions of everyday investors are DCAing (dollar-cost averaging) into Bitcoin.
He highlighted that this collective effort is steadily “building a decentralized financial system beyond the control of governments and empires.”
Last week, Schiff dismissed the idea of a strategic reserve, calling it a scam designed to mislead Americans into buying crypto.
Ironically, he later admitted he'd accept Bitcoin as a birthday gift—even moving his “strategic Bitcoin reserve” of meme coins to a hardware wallet.
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