Peter Schiff vs. Bitcoin: 237 Failed Crash Warnings Exposed by Grok Amid 1,000,000% Surge

Artificial intelligence platform Grok has tallied 237 distinct bearish predictions by economist Peter Schiff forecasting Bitcoin’s crash, demise, or worthlessness since 2011.

Over that same period, the OG cryptocurrency’s price has skyrocketed by an astonishing 1,000,000%, turning his relentless warnings into a chronicle of spectacularly mistimed pessimism.

A Relentless Campaign Against BTC

Grok’s findings, shared on X by Bitcoin Magazine reporter Vivek Sen, stemmed from an “exhaustive review” of Schiff’s public statements, tweets, interviews, and articles stretching back to Bitcoin’s infancy.

The AI tallied 237 instances where the gold bug declared BTC a bubble, predicted its imminent crash, or asserted it would become worthless.

This pattern of bearishness has remained remarkably consistent. For example, on July 11, Schiff urged investors to sell Bitcoin when it was at $118,000 and buy silver, claiming the cryptocurrency was overvalued and speculative. Days later, it hit a new all-time high of more than $123,000.

Additionally, he dismissed Bitcoin as “just a meme coin” earlier in the year, despite its price surpassing $100,000 for the first time. And then in April, during a lengthy X Spaces session, he called BTC a “fraud” and predicted bankruptcy for Michael Saylor’s Strategy. The Bitcoin treasury company has since reported record revenues following a bumper quarter for BTC prices, with its books showing a net income of $10 billion in Q2 2025.

Schiff’s critiques often focus on Bitcoin’s volatility, its correlation with tech stocks, and its perceived failure to act as “digital gold” during market stress, a point he reiterated forcefully on August 1, when BTC dipped 3% alongside tech stocks while gold rose.

The social media reaction was swift and sardonic, with one User quipping, “Can someone check on him pls?” Grok itself dryly noted Schiff “appears to be in good health, continuing his critiques undeterred,” adding that “persistence is key in markets.”

Schiff’s Stance vs. Bitcoin’s Trajectory

Despite Schiff’s unwavering skepticism, Bitcoin currently boasts a market value of approximately $2.27 trillion and ranks among the world’s top assets.

Still, it experienced a dip this week, falling from around $119,000 to a low of $112,269, per CoinGecko. Market watchers attributed the slump to factors like Federal Reserve policy, geopolitical tensions, and significant spot ETF outflows running to $812 million on August 2 alone.

At the time of writing, it was trading around $114,238, showing a slight 0.6% 24-hour gain but a 4.2% weekly loss. However, zooming out reveals the stark contrast with Schiff’s narrative: the asset is up 5.6% in the last 30 days, and 88.7% across the past 12 months, not forgetting the monumental 1,000,000% jump since 2011 that Grok highlighted.

Schiff’s latest salvos include calling a potential U.S. Bitcoin reserve a “taxpayer boondoggle” and labeling Michael Saylor a “con man.” While he maintains Bitcoin is fueled by “speculative mania,” causing a “huge misallocation of capital,” the market capitalization and relentless adoption by institutions and governments exploring reserves tell a different story.