Peter Schiff, the gold bug and perennial Bitcoin skeptic, fired off a tweet that’s since become a meme goldmine: “Keep dreaming. Bitcoin is never going to hit $100,000!” At the time, BTC languished around $9,000, and Schiff’s dismissal echoed the cautious establishment narrative. Fast-forward to September 7, 2025, and Bitcoin has shattered that mark, trading above $118,000, turning Schiff’s prophecy into a stark reminder of crypto’s unpredictable ascent. The irony is palpable—Schiff’s own X profile now sits beneath a flood of throwback jabs, while El Salvador’s $740 million Bitcoin reserve, built since its 2021 adoption, laughs all the way to the bank with a $443 million unrealized profit. This isn’t just a personal misstep; it’s a case study in why traditional finance often underestimates decentralized disruption.
- Bitcoin’s surge past $118,000 in 2025 mocks Peter Schiff’s 2019 $100K dismissal, with El Salvador’s $740M reserve up $443M.
- El Salvador’s geothermal mining yielded 474 BTC, powering a $29M profit and a 30% tourism boost since 2021 adoption.
- Institutional embrace, from BlackRock to the U.S.’s 198,022 BTC reserve, signals crypto’s shift from fringe to mainstream.
Schiff’s skepticism wasn’t baseless then. Bitcoin’s volatility had seen it crash from $19,000 in 2017 to under $4,000 in 2018, fueling doubts about its longevity. As a gold advocate, he argued fiat alternatives lacked intrinsic value—a stance that resonated with central bankers wary of crypto’s wild swings. Yet, the narrative shifted as institutional adoption surged. By 2023, BlackRock’s Bitcoin ETF and MicroStrategy’s $10 billion BTC hoard signaled a seismic pivot. El Salvador, adopting BTC as legal tender in 2021, doubled down with volcano-powered mining, amassing 6,246 BTC by mid-2025. Despite IMF pressure to scale back, the nation’s geothermal rigs churned out 474 BTC, proving renewable energy can fuel crypto ambition.
The data backs the turnaround. Bitcoin’s market cap now exceeds $2.3 trillion, with daily transaction volumes hitting $50 billion, per recent estimates. El Salvador’s strategic reserve, bought at an average $43,357, showcases a 172% gain, outpacing gold’s 40% rise over the same span. Schiff’s latest X posts cling to inflation fears, but his $100K line looks dated as U.S. Executive Order 14096 mandates a 198,022 BTC national reserve. Critics like Schiff miss the forest for the trees—BTC’s utility in remittances and sovereignty trumps its volatility for nations like El Salvador, where tourism spiked 30% post-adoption.
Still, risks linger. El Salvador’s domestic uptake remains low, with 92% of citizens preferring dollars, per 2024 polls. Environmental trade-offs, like mangrove losses for airport projects tied to “Bitcoin City,” raise red flags. Yet, the profit motive drives on—$31 million in gains by 2024’s third anniversary ballooned to $443 million today. Schiff’s call wasn’t just wrong; it ignored crypto’s resilience. As Bhutan and Bolivia eye similar moves, the lesson is clear: dismiss Bitcoin at your peril. For Schiff, the dream’s alive—and it’s costing him credibility.
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Nikolai Carter
