Peter Schiff Compares Bitcoin to Tech Stocks, Questions Its Earnings Potential Amid Meta and Microsoft Earnings

Noted economist and gold advocate Peter Schiff recently labeled Bitcoin (CRYPTO: BTC) as a "digital tech stock" lacking earnings potential. This statement came as investors were digesting earnings reports from tech giants like Meta and Microsoft.

What Happened

In a post on X, Schiff pointed out that Bitcoin's price movements closely mirror those of technology stocks. However, unlike these stocks, Bitcoin doesn't operate as a business generating revenue or earnings.

"It's also amazing how negatively correlated it is to gold, even though it's hyped as digital gold," Schiff remarked, challenging the common narrative among Bitcoin enthusiasts.

He further described the leading cryptocurrency as a "digital tech stock without even the potential of earnings."