Peter Schiff is back on X, swinging at Bitcoin (CRYPTO: BTC) with his greatest hits encore. This time, he argues Bitcoin isn't selling off because it's risky — but because it's “a fake asset,” pointing to the 28% drop from all-time highs while the Nasdaq sits within 2% of its own.
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In Schiff's framing, the $500 billion November wipeout is proof that investors are waking up and rotating into "real assets." It's punchy. It's dramatic. And it might be aging badly in real time.
Peter Schiff Doubles Down As Bitcoin Pulls Back
Schiff is using the slump from $110K to $81K as his victory lap moment, insisting it exposes Bitcoin's hollowness.
But while he's calling it fake, the biggest players in global finance are doing the exact opposite: steadily increasing exposure, building product suites, and turning institutional access into real revenue. If Bitcoin is dying, somebody forgot to tell Wall Street.
Read Also: Bitcoin Surges After Cramer’s Bearish Call — Inverse-Cramer Strikes Again
BlackRock's Bitcoin Bet Becomes A Profit Engine
The world's largest asset manager just revealed that its Bitcoin ETF lineup — launched less than two years ago — is now its most profitable product line. The iShares Bitcoin Trust ETF (NASDAQ:IBIT) reached about $70 billion in assets within record time and is now on track to cross $100 billion, putting it among the largest ETFs ever. Inflows continued even during November's plunge, and the firm's own portfolios are increasing allocations. Fake assets don't usually become earnings machines.
Global Bitcoin Adoption Is Expanding, Not Retreating
While Schiff declares the end, treasury desks are buying. Robinhood Markets Inc (NASDAQ:HOOD) is openly considering holding Bitcoin on its corporate balance sheet. Kazakhstan's central bank just announced plans for a crypto allocation that could reach $300 million, funded through gold and foreign reserves.
From MicroStrategy Inc (NASDAQ:MSTR) to Metaplanet, balance sheet Bitcoin is now a strategic play — not a meme trade.
Bitcoin is volatile, not invisible. BlackRock sees revenue, governments see diversification, and investors see liquidity and hedging advantages. Schiff may be loud — but the capital flow is even louder. And in markets, money has the final word.
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