Bitcoin Price Surges 100% to $122,000 as Corporate Holdings Rise 23%

Peter Schiff, a well-known stockbroker and long-time Bitcoin critic, has reiterated his skepticism about the cryptocurrency, describing it as a "Ponzi built on a pyramid." Schiff contends that the current demand for Bitcoin is not fueled by everyday users or broader adoption but rather by speculative buying from Bitcoin treasury companies and front-running investors. He cautions that this model is fragile and could collapse if new inflows stop, as it lacks mainstream use or real economic backing.

In the second quarter of 2025, public companies added 159,000 BTC to their holdings, bringing the total to approximately 847,000 BTC, which is roughly 4% of the total supply. This trend has seen over 46 firms, including notable names like GameStop, Figma, Sequans, and Trump Media, join the Bitcoin bandwagon. Despite this corporate interest, Schiff remains unconvinced, asserting that the surge in Bitcoin's price is not due to genuine utility or mass adoption but rather to crypto treasury plays and speculators chasing the narrative.

Bitcoin's price has reached an all-time high, surpassing the $122,000 mark. This rise coincides with the anticipation of the conclusion of 'Crypto Week' and the advancement of key US bills. While these legislative developments could potentially legitimize Bitcoin held in corporate treasuries, critics like Schiff argue that this merely masks an underlying speculative bubble.

Supporters of Bitcoin view the accumulation of the cryptocurrency by corporate treasuries as a sign of institutional acceptance, potentially propelling its value to between $140,000 and $180,000. However, Schiff and others see this as pure speculation, where a small number of players drive prices for short-term gains rather than long-term value.

Schiff's perspective is not new; he has been a consistent critic of Bitcoin since its early days. His reputation as a financial analyst, built on his accurate prediction of the 2008 financial crisis, has made him a prominent advocate for gold and a vocal critic of cryptocurrencies. While many crypto enthusiasts disagree with his views, his traditional hard money perspective holds merit in the financial sector.