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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.
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.
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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.
The Iranian Rial has become nearly worthless against the dollar, pushing people toward cryptocurrencies, including Bitcoin, as a hedge.
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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.
‼️ warning: iranian bitchat clone raises multiple red flags:
– full clone of our code but zero attribution or credit for our work.
– not open-source. the app could be spying on you without your knowledge. NEVER USE A CLOSED-SOURCE PRIVACY MESSENGER!
– asks for money. bitchat is… pic.twitter.com/byLlA9Lqmo
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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%.
|
Asset
|
1-Year Gains +/-
|
Price (Recorded at 9:45 a.m. ET)
|
|
Bitcoin
|
-4.17%
|
$95,430.78
|
|
Tether Gold
|
+71.66%
|
$4,591
|
|
PAX Gold
|
+70.96%
|
$4,608.10
|
Photo: Shutterstock/GraphixTreasure
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This article Peter Schiff Has Advice For Iranians Dealing With Collapse Of Their Currency And Instead Of Bitcoin He Wants Them To Choose A Crypto Like This originally appeared on Benzinga.com
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