In a fresh round of public disagreement, economist and gold advocate Peter Schiff has dismissed Elon Musk’s recent statement that Bitcoin derives its value from energy. Schiff argued that Bitcoin “produces nothing” and that linking its worth to electricity consumption is misleading.
Musk had suggested that Bitcoin’s mining process ties the asset to real-world energy expenditure, making it fundamentally backed by power. Schiff countered that using energy does not give Bitcoin intrinsic value, comparing the argument to “burning fuel to create digital scarcity with no real utility.”
The exchange has reignited the long-running debate between cryptocurrency supporters and critics, with both sides sharply divided over Bitcoin’s role in the future financial system.
