Economist Peter Schiff said in an interview aired Thursday that he’d prefer a gold-backed cryptocurrency over Bitcoin (CRYPTO: BTC) during a crisis like the one in Iran.
Schiff Choses Gold Again
Appearing on the Randi Hipper show, Schiff said that if he were to transact anonymously through an app in Iran, given the currency crisis and internet ban, he would choose tokenized gold over Bitcoin.
“I’d rather have a cryptocurrency backed up by real money,” Schiff stated, adding that Bitcoin is backed by nothing.
According to the Bitcoin critic, the best option in Iran would be to use a stablecoin. “There are plenty of those that you could get into. And in fact, the best stable coin, believe, would be a tokenized gold,” he said.
Inflation Crisis Fueling Bitcoin’s Rise In Iran?
The Iranian Rial has become nearly worthless against the dollar, pushing people toward cryptocurrencies, including Bitcoin, as a hedge.
While internet shutdowns expose a vulnerability, there have been claims that Iranians are using Bitchat, a decentralized messaging app developed by Jack Dorsey’s Block Inc., and its clones, to send BTC via Bluetooth.
The Real ‘Digital Gold’
It’s worth highlighting that Bitcoin failed to live up to its oft-repeated “digital gold” reputation in 2025, while precious metals-backed cryptocurrencies proved far more reliable.
Tether Gold (CRYPTO: XAUT) and PAX Gold (CRYPTO: PAXG) are both up over 70% over the past year, while the apex cryptocurrency is down 4%.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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