However, Peter Schiff, a prominent gold advocate, has raised questions about the current demand for Bitcoin, attributing it primarily to institutional purchases like those from Strategy and speculative trading.

Interestingly, despite his critical stance, Schiff has shown a willingness to accept Bitcoin as a gift and has recently moved some of his crypto assets, including meme coins, into a hardware wallet, dubbing it his 'strategic Bitcoin reserve'.

Michael Saylor's company, Strategy (NASDAQ:MSTR), has significantly influenced Bitcoin's demand by issuing debt and equity to acquire more BTC, amassing a total of 506,137 BTC valued at approximately $44 billion.

This aggressive accumulation includes a recent purchase of 6,911 BTC between March 17 and March 23, 2025, which reinforces consistent buy pressure in the market.

As a result of these actions, Strategy has established itself as one of the largest corporate holders of Bitcoin, contributing to ongoing institutional demand.

This admission highlights a shift in Schiff's approach, as he acknowledges the growing relevance of Bitcoin in the financial landscape.

Schiff's skepticism is compounded by speculation regarding the potential establishment of a U.S. Bitcoin reserve, which could further drive investments into Bitcoin and enhance its image as 'digital gold'.

In response to Schiff's criticisms, Bitcoin advocates like Carl B. Menger emphasize that millions of everyday investors are dollar-cost averaging into Bitcoin, thereby contributing to a decentralized financial system.