Peter Schiff, CEO of Euro Pacific Capital, reignited the debate surrounding Bitcoin's supply cap of 21 million BTC . In a series of online posts on July 11, 2025, Schiff questioned the significance of this limit, suggesting that the perceived scarcity of Bitcoin is more a matter of public belief than an objective reality .
He argued that if the total supply were 21 billion instead of 21 million, the number of satoshis—the smallest unit of Bitcoin—would remain the same, implying that the supply of Bitcoin is essentially meaningless . Schiff's argument hinges on the idea that the scarcity of Bitcoin is an illusion created by the public's perception of the 21 million cap . He posited that if the supply were increased to 21 billion, the psychological impact on the public's belief in Bitcoin's scarcity would be diminished .
This perspective sparked a wave of responses from users on X, with many disagreeing with Schiff's take . Some users pointed out that the scarcity of Bitcoin is defined by its fixed limit rather than the unit denomination in which it is measured .
Schiff's criticism of Bitcoin extends beyond its supply cap . He has repeatedly defended his preference for physical assets, such as gold and silver, stating that these assets retain value in real-world applications . In contrast, he views Bitcoin as a speculative asset that lacks intrinsic value . Schiff has also criticized the growing adoption of Bitcoin by corporations, calling it a risky trend and accusing companies of lacking real business models . He has warned that the sale of dollars to buy Bitcoin poses grave dangers to the broader economy, suggesting that it weakens the U.S. economy by increasing pressure on the dollar .
Peter Schiff's comments came just after Bitcoin hit a new ATH of $118,856 on July 11, 2025 .
Meanwhile, Bitcoin Surpasses Google as 6th Largest Asset with $118K ATH . On July 11, 2025, Bitcoin reached an unprecedented milestone by hitting an all-time high (ATH) of $118,423 USD and €101,123 EUR . This marks the first time Bitcoin has surpassed the €100,000 threshold, confirming its growing dominance not only in the US dollar markets but across Europe as well . Beyond the impressive price levels, Bitcoin's market capitalization has now surpassed Google's, making it the sixth-largest asset worldwide .