In a televised interview, Tucker Carlson pressed Peter Schiff on whether Bitcoin could replace the US dollar as a global reserve asset. Schiff, long known for promoting gold, renewed his critique of Bitcoin and the broader crypto industry, calling it speculative and lacking practical use. He also accused the US government of "promoting" crypto in ways he described as a "complete waste of capital," saying many Americans had effectively "thrown their money away" on crypto.
Tucker Carlson Interviews Peter Schiff on Bitcoin
The conversation focused on whether Bitcoin can solve perceived weaknesses in the dollar system and on Schiff’s wider economic views. Carlson asked pointed questions about Bitcoin’s role as a reserve asset and about official inflation data, while Schiff responded by highlighting flaws he sees in fiscal policy and statistics. For additional coverage of how Bitcoin relates to the dollar’s status, see how Bitcoin affects the dollar.
Peter Schiff's Criticism of Bitcoin
Schiff argued that Bitcoin is mainly a speculative instrument and asserted it has "no actual use" beyond people betting on price increases. He said "the only reason anybody wants to buy it" is the expectation that "they think the price is going to go up," and called crypto promotion by government a "complete waste of capital." Schiff also contrasted crypto gains with production of real goods, saying those who profited did so because earlier purchases later rose in price rather than because anything valuable was produced.
Bitcoin vs. Gold Debate
On the comparison with gold, Schiff described Bitcoin as a "non-income-producing digital asset" that he believes has "nothing in common with gold." By contrast, he called gold "real money" and "a valuable commodity" that is used in jewelry, aerospace, consumer electronics and medicine. He also suggested that tokenized, fully backed gold on blockchains can provide internet-native payments without relying on continuously rising token prices; for more on Schiff's public stance on crypto, see Schiff on crypto.
Bitcoin as a Global Reserve Currency
When Carlson asked whether Bitcoin could become the next global reserve asset as confidence in the dollar erodes, Schiff dismissed the idea as impractical. He called proposals for a US strategic Bitcoin reserve effectively a "Bitcoin bailout fund" that would use taxpayer money and suggested some early holders influenced politicians in support of Bitcoin. Schiff framed both Bitcoin and fiat as faith-based systems but argued central banks could not rely on Bitcoin because it lacks non-monetary demand and would not withstand large-scale liquidation.
Market Performance: Gold vs. Bitcoin
The interview took place against a backdrop of divergent market moves: gold reached a new all-time high above $5,000 an ounce while the Bitcoin price fell briefly below $86,000. That split in performance underpinned much of the exchange, as Schiff used the contrast to illustrate his point that gold retains industrial demand and a different risk profile from Bitcoin. The discussion highlights how price behaviour can shape narratives about monetary alternatives.
Why this matters
For miners, public debates between prominent media figures and market commentators can influence sentiment and, indirectly, short-term demand for mining rewards or hodling behaviour. Even when arguments focus on theory rather than immediate policy changes, coverage like this can affect how customers, investors and counterparties view crypto assets, which in turn may alter liquidity conditions miners face.
At the same time, the market divergence — gold at a record high and Bitcoin dipping below a recent peak — is a reminder that price swings occur across asset classes. Miners should treat such developments as context for risk management rather than as signals to assume permanent change in demand or regulation; for a technical look at Bitcoin returns that Schiff has cited, see Bitcoin yield analysis.
What to do?
- Monitor revenue vs. costs: track your BTC payouts and electricity expenses regularly to ensure operations remain profitable under current prices.
- Hedge operational risk: keep a cash buffer for power bills and consider timing of coin sales rather than selling at the first price move.
- Secure assets: follow best practices for key management and withdrawals so that holdings are protected regardless of market commentary.
- Diversify plans: plan for several price scenarios (stable, lower, higher) and avoid making large capital decisions based solely on a single interview or opinion piece.
- Follow policy and market news: track regulatory signals and major market shifts that could affect liquidity and payouts to miners.
In short, the Carlson–Schiff exchange restates a familiar divide: Schiff defends gold and critiques Bitcoin’s utility and reliance on price appreciation, while the interview highlights how market moves feed into that debate. Miners should use the discussion as one input among many when assessing operational and financial decisions.
