Key takeaways
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Peter Schiff criticized CNBC for focusing on Bitcoin and overlooking substantial gains in gold and silver.
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Despite recent price weakness, Tom Lee argued that Bitcoin’s long-term fundamentals remain strong.
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Gold fell slightly after a strong rally, while Bitcoin continued to fall.
Gold advocate Peter Schiff on Tuesday accused CNBC and its flagship show Squawk Box of biased coverage toward Bitcoin, arguing that the financial network downplayed gains in precious metals while continuing to focus on digital assets despite a sharp drop in prices.
The criticism came when Fundstrat’s Tom Lee appeared on the show, stating that “the best days are ahead” for cryptocurrencies and that Bitcoin could see a whopping 200% increase in adoption.
Famous Bitcoin critic Schiff said in a post on X that CNBC ignored a rally in precious metals while devoting airtime to Bitcoin.
“Gold is up over $40 this morning and silver is up almost $2, but @SquawkCNBC hasn’t even mentioned either metal,” Schiff wrote.
He added: “However, they have talked extensively about Bitcoin, even though it is slightly below where it was trading when US markets closed on Friday.”
When asked why gold was receiving less attention despite outperforming, Schiff attributed both a lack of understanding and trading incentives in the financial media.
“Because the financial media doesn’t understand gold or Bitcoin,” he wrote in a follow-up post.
He added: “In addition, their advertisers are mainly crypto companies, who want their audience to buy Bitcoin instead of gold.”
CCN has contacted CNBC for comment.
Appearing on Squawk Box the same day, Tom Lee, head of research at Fundstrat Global Advisors, acknowledged the growing skepticism around Bitcoin, but said the long-term outlook remained constructive.
“In terms of the current skepticism around Bitcoin, I mean, it’s been a juggernaut,” Lee said, adding that investors were now trying to determine “what’s the appropriate price to put” on the asset.
Lee cited profit taking, concerns around quantum computing and what he described as a “major deleveraging event on October 10” as factors weighing on prices.
Still, he said the broader crypto narrative remains intact.
“The crypto fundamentals story is going out on a really high note this year,” Lee said, pointing to more favorable US legislation and growing interest from Wall Street.
Lee also argued that Bitcoin’s long-term growth potential remains substantial, despite its limited current adoption.
“Well, in crypto, the best years are definitely because today, there are only 4 million Bitcoin wallets with $10,000 in them,” Lee said.