- Peter Schiff accused the IRS of falsely targeting his bank for tax evasion purposes.
- In doing so, he once again brought up how Bitcoin will meet its end, and soon.
Amid ongoing financial and regulatory challenges, long-time Bitcoin [BTC] critic Peter Schiff has once again taken to X (formerly Twitter) to voice his skepticism about the leading cryptocurrency.
His latest remarks come at a time when he is caught up in a legal battle over his now-defunct Euro Pacific Bank, which faced regulatory scrutiny and was ultimately shut down.
Peter Schiff accuses IRS
Schiff has accused the U.S. Internal Revenue Service (IRS) and “The New York Times” of conspiring to falsely link his bank to tax evasion and money laundering.
He said,
“The criminals working at the IRS just produced another 38 pages of documents they claim to have overlooked. Thirty-one of those pages were illegally redacted in their entirety.”
Schiff has further doubled down on his claims that the IRS knowingly targeted his bank despite its innocence, allowing “The New York Times” to push a misleading narrative of tax evasion and money laundering.
To challenge this, Schiff filed a defamation lawsuit against both entities, arguing that the initial investigation was politically motivated under Biden’s administration, while the cover-up is now unfolding under Trump’s leadership.
He has called for a Congressional inquiry, asserting that the IRS’s actions reflect deep-seated corruption that demands urgent oversight.
“Where are the checks and balances? If the Executive Branch commits crimes, Congress needs to take action to stop it. What about Trump? He also wants to eliminate corruption in the Executive Branch. So why not look into these crimes?”
Schiff takes a jab at Bitcoiners
Schiff’s latest remarks took an unexpected turn when a user on X accused him of attacking Bitcoin holders whenever the market dips.
Unfazed by the criticism, Schiff defended his stance, arguing that his concerns go beyond individual losses.
He reiterated his belief that Bitcoin is not just speculative but inherently dangerous, luring more investors into what he sees as an inevitable collapse.
According to Schiff, the question is not if the Bitcoin bubble will burst, but when.
He said,
“As far as Bitcoin is concerned I believe it is doing substantial harm. The longer the bubble goes on, the more damage that will be done and the more people that will be harmed. So yes I’m happy when the price goes down, as that means we are getting closing to the end of the con.”
Reacting to this, an X user replied,
Source: Peppenberg Tweeting/X
What’s more?
That being said, recently Schiff also doubled down on his skepticism, claiming Bitcoin is in a “stealth bear market” when measured against gold.
With BTC now fetching 24% fewer ounces of gold than at its 2021 peak, his argument has gained traction amid recent market turbulence.
In fact, Bitcoin’s struggle to maintain momentum has further triggered a wave of liquidations, wiping out $93.2 million in positions—most of them long bets.
Therefore, as Bitcoin hovers around $83,526.36, its volatile trajectory continues to fuel heated debates between critics like Schiff and steadfast believers in its long-term value.
