Schiff to Musk: Your Trillion Is Mostly Paper, Not Bitcoin 🍊

Bitcoin critic Peter Schiff has publicly contested the substance of Elon Musk's newly minted trillionaire status, arguing that the fortune reflects paper wealth rather than genuine income. Musk's net worth reached approximately $1.1 trillion following SpaceX's record-breaking U.S. market debut, in which he retains about 38% of the company, including options, based on a $2.1 trillion valuation.

Schiff's remarks came shortly after the aerospace and artificial intelligence firm closed its first trading session up roughly 20% at $160.95, with after-hours trading pushing the price another 3.66% to $166.83. The valuation, which lifted Musk into trillionaire territory, drew scrutiny from the gold advocate, who said the milestone lacks a foundation in real earnings.

U.S. politicians have separately pointed to Musk's growing wealth as evidence of widening inequality, while Solana co-founder Anatoly Yakovenko defended the valuation, attributing it to expectations of future growth rather than current cash flow. The exchange underscores ongoing debate over how to value founder-led private companies that have recently entered public markets.

Schiff, a long-standing critic of Bitcoin, has repeatedly argued that the cryptocurrency shares the same paper-wealth characteristics he now attributes to Musk's holdings, distinguishing both from income-generating assets such as dividend-paying equities and physical gold. The criticism adds a new chapter to Schiff's public commentary on Musk, whose companies including Tesla have made significant direct and indirect investments in digital assets.