“Complete Waste of Capital,” Peter Schiff Says About Bitcoin Amid Global Reserve Questions

• According to media personality Tucker Carlson, Bitcoin or Tether could eventually replace the US dollar as the world’s reserve currency.
• However, economist Peter Schiff rejected the idea of a digital reserve and argued that Bitcoin lacks any fundamental value.
• The debate shows the ongoing divergence between gold, which hit record highs above $5,000, and Bitcoin, which is still consolidating.

According to a recent interview from earlier this week, media personality Tucker Carlson and economist Peter Schiff discussed the fate of the US dollar.

Carlson argued that the weakening strength of the dollar is creating a desperate need for a new global reserve currency. He pointed toward Bitcoin as a possible successor to the greenback. However, Shiff had other things to say.

Bitcoin as a Successor to the US Dollar?

Carlson framed his argument by pointing out the weakening of the US dollar.

He noted that the currency’s value continues to decline, which makes it unreliable for the long term. He said that if the world moves away from the dollar, a decentralised asset like Bitcoin would be a safer choice than a currency owned by a geopolitical rival.

The conversation changed towards whether crypto could replace fiat money and Carlson asked why Bitcoin or even a stablecoin like Tether could not take over at some point.

Gold has so dramatically outperformed the S&P this century that you’d think CNBC would be recommending it to investors. But they’re not. Peter Schiff explains why.

(0:00) Why Schiff Decided to Start Buying Gold
(10:45) You’re Being Lied to About Inflation
(23:39) How the… pic.twitter.com/8GstgGKC5W

— Tucker Carlson (@TuckerCarlson) January 26, 2026

However, Peter Schiff was unmoved by the idea, and dismissed the notion that Bitcoin has any use case beyond pure speculation.

According to Schiff, the only reason people buy Bitcoin and other assets is the hope that the price will rise. He argued that crypto wealth does not come from producing goods or services that improve lives.

Instead, he sees it as a transfer of wealth between early and late adopters. Schiff labelled the idea of a national crypto reserve as a bailout for people who bought in early.

The economist also praised the recent performance of precious metals like Silver and Platinum.

Gold recently shattered records by surging past $5,000 per ounce. Schiff noted that while gold is hitting new highs, Bitcoin has struggled to maintain its peak levels.

He says that gold is “real money” because it has value in industries like electronics, medicine and aerospace.

Clashing Over Value Creation

One of the bigger parts of the interview was on the definition of productivity. Carlson challenged Schiff’s preference for gold by asking how buying metal is a “creative act.”

He argued that holding gold does not add to the sum total of the economy or make anyone’s life better. Schiff, however, responded by explaining that gold’s stability makes it an anchor for the financial system.

In other words, he claimed that Bitcoin will never earn money in the future because it is a non-income-producing asset.

This disagreement shows the main difference in thinking between traditionalists and crypto community members.

Traditionalists like Schiff want assets with “history” and physical presence. The crypto users on the other hand, value portability and programmed scarcity.

Bears Join the Chorus

Schiff is not the only figure with doubts about the crypto market. Economist Steve Hanke also recently reiterated his view that Bitcoin has zero fundamental value. He referred to the asset as “fool’s gold” and shared charts showing gold’s superior performance during times of stress.

BITCOIN = FOOL’S GOLD. pic.twitter.com/oQ3sxQrENi

— Steve Hanke (@steve_hanke) January 25, 2026

Hanke argued that scarcity alone does not create value without economic backing or stability. He has also been a consistent critic since the earliest days of the technology.

Investor Michael Burry, who is famous for “The Big Short,” also issued a warning, where he described Bitcoin’s push toward six-figure territory as a speculative mania. He called the asset “worse than a tulip bulb” in reference to the 17th-century market crash in the Netherlands.

Burry’s main worry is that crypto enables criminal activity, alongside other critics like Elizabeth Warren. Overall, the start of 2026 has shown a clear difference between precious metals and crypto.

While gold surged 17% in January alone, the price of Bitcoin fell briefly below $86,000. This indicates that during times of global tension, investors are still fleeing to the oldest safe haven in history.

Schiff is using this idea to argue that the narrative of “digital gold” is failing, and he believes that when people truly want to preserve capital, they choose gold and other physical metals.