Peter Schiff is an American investor, successful businessman, author, and stockbroker. The Connecticut-born economic critic rose to prominence when he correctly predicted the financial crisis in 2008. His accurate predictions about the crisis positioned him for public attention.
Meanwhile, most of his forecasts and commentaries on the U.S. economy are usually about the dangers ahead. Therefore, it was not surprising when he was nicknamed “Dr. Doom.” Occasioned by his analytical perspectives on financial issues, Schiff has become a regular face on various shows on Bloomberg TV, CNBC, and Fox News. He also runs an internet radio show, “The Peter Schiff Show.”
Over the years, the renowned economist has attracted a host of wealthy clients due to the consistency of his predictions. He offers financial advice to them, particularly on how they can structure their investment portfolios against the harsh realities of the economy. Likewise, Schiff had a brief stint in politics after he contested and lost for the Republican nomination for the U.S. Senate in 2010.
Without any doubt, Schiff is a staunch proponent of gold and has consistently extended his vocal support for the asset. Nevertheless, his endeavors as a stockbroker, financial expert, and investment in gold have earned him fortunes. According to sources, Peter Schiff has a net worth of about $70 million in 2023.
Peter Schiff’s Net Worth
| Year | Net Worth |
|---|---|
| 2023 | $70 million |
Early Life
Peter David Schiff was born on March 23, 1963, in New Haven, Connecticut. His father, Irwin Schiff, was popular for his anti-tax advocacy. He died while serving a 13-year jail term for tax evasion. Nonetheless, Peter doesn’t share the same tough stance on tax as his father. He once criticized the rigid position of his father, saying it was not practical. But, there is no doubt that his father’s consistent financial advocacy influenced his philosophy as an economist.
Schiff attended Beverly Hills High School before proceeding to Haas School of Business. Later, he enrolled at the University of California where he studied finance and accounting. Around 1987, he graduated with a Bachelor of Science. Upon his graduation, Schiff ventured into finance and wealth management without a second thought. He cut his teeth in the field by working as a stockbroker at Shearson Lehman Brothers brokerage.
Investment Career
Schiff’s experience with Shearson Lehman Brothers encouraged him to start a business. Therefore, around 1996, he partnered with an investor to acquire a dormant brokerage company. The company was rebranded as Euro Pacific Capital. It started operation from its small office in Los Angeles. Within a few years, Schiff used his expertise to position the company for international recognition.
As the CEO and global strategist, Schiff in 2005, facilitated the company’s relocation to Darien, Connecticut. Later, it was also moved to a corporate headquarters in Westport, Connecticut. The company extended its physical presence with branch offices in Scottsdale, Arizona; Boca Raton, Newport Beach, Manhattan Beach, California; and New York City.
With Euro Pacific Capital, Schiff focuses on long-term investments to help clients build their wealth. He managed to secure good returns for his clients by focusing on the diminishing dollar value, commodity-focused investments, and the emerging market. In addition, Schiff established the Euro Pacific Asset Management to help wealthy individuals with mutual fund management on a global scale.
Meanwhile, in spite of his success in transforming Euro Pacific Capital into an international brand, Schiff only gained global recognition after he accurately predicted the financial crisis of 2008. He was nicknamed “Dr. Doom” due to his comments about the tsunami. He became the subject of controversy and criticism due to some of his negative submissions about the U.S. economy.
Despite his negative predictions, wealthy guys still look up to Schiff for advice on how to maintain their wealth during torrid economic situations. Meanwhile, he usually encourages them to invest in gold, describing it as a stable asset. In one of his recent statements, he said, “The problem with the dollar is that it has no intrinsic value.” According to Schiff, gold will store more value aiding holders to have more purchasing power.
Without any doubt, Schiff’s teachings on investments reflect his endeavors in the sector. He is also an investor in gold, particularly through his firm, “Schiff Gold.” Similarly, the American stockbroker also established the Euro Pacific Bank, a full-reserve bank. The bank operates in St. Vincent and the Grenadines.
Political Engagements
Apart from his revered status in finance and economics, Schiff is also an active participant in the United States political landscape. In 2008, he served as an economic adviser to Ron Paul’s presidential campaign. During that period, Schiff matured into a prominent financial commentator. Likewise, he endorsed Murray Sabrin for the U.S. Senate seat in New Jersey.
Amid his growing reputation in the United States, the financial expert was tipped to participate in the country’s senate election in Connecticut. Scores of Connecticut citizens designed a website to encourage him to contest against the then-incumbent senator, Christopher Dodd. The website served as a medium through which they contributed to his campaign. According to findings, about 5,000 supporters contributed to Schiff’s campaign through the website. Also, another website, money bomb, as of February 21, 2009, actualized more than $20,000 for his campaign.
While the donations were ongoing, Schiff was still contemplating whether he should contest for the seat or not. Meanwhile, around May 2009, a clip surfaced that triggered excitement in the camp of his supporters. In the video, Schiff boasted that the chances that he could venture into politics were “better than 50-50.” He tested the waters in June 2009 after he created a poll of likely voters. The result of the poll indicated that he was only trailing Christopher Dodd in popularity by four percentage points.
With the outcome of the poll, Schiff gathered faith to officially launch his campaign for the U.S. Senate. On July 9, 2009, he unveiled an exploratory committee and an official campaign website. A few months later, he officially declared his candidacy for the Republican nomination on the MSNBC Morning Joe show.
Schiff’s candidacy received international backing and huge donations due to his status in the financial sector. As of October 2009, the financial expert received more than 10,000 donations and numerous emails from around the world. Similarly, prominent figures like Ron Paul and Steve Forbes endorsed his campaign. However, he struggled to win delegates to his side and lost to Linda McMahon in the primaries.
A few years later, Schiff chose not to endorse McMahon. He supported former representative Christopher Shays. McMahon went on to clinch the nomination ticket but lost in the general election to Democratic candidate Chris Murphy.
Media Recognition
Schiff is also a media personality and has, on numerous occasions, appeared on various shows and stations. Most times, the stockbroker often relays his opinion on financial markets, the U.S. economy, and politics. Before the financial crisis, he frequently appeared on networks like CNBC, Fox News, and Bloomberg to voice his opinions on the US economy and financial market.
His accurate predictions of the 2008 turmoil impacted his bookings on these networks. Around August 2012, for instance, Schiff replaced the late G. Gordon Liddy. Likewise, the financial commentator also extended his media appearance to YouTube. He has appeared on Joe Rogan’s podcast on four different occasions.
Alongside his popular status in the media, Schiff is also a renowned author. In 2007, he wrote his first book, “Crash Proof: How to Profit From the Coming Economic Collapse, 2007.” In the book, the financial commentator criticized some of the economic policies of the then-president of the United States. He predicted that the country would experience hyperinflation if the government failed to change its policies.
Likewise, the expert argued that the U.S. economy would struggle due to the inequality between consumed and produced goods. To combat the issue, Schiff suggested that there should be an increase in personal savings and production. With that, the financial expert believed there would be economic growth.
A year later, he published another book. The book was titled “The Little Book of Bull Moves in Bear Markets: How to Keep your Portfolio Up When the Market is Down. There, Schiff explained how people can protect their wealth and invest despite the downturn in the economy. The book explains how people can make more money under harsh market conditions using a “conservative, nontraditional investment strategy.”
In 2009, he wrote the second version of his first book. He titled the new edition “Crash Proof 2.0: How to Profit From the Economic Collapse, 2nd Edition.” In the book, the expert described the U.S. economy as a house of cards that’s on the brink of collapse. He cited issues like growing federal, personal, and corporate debt as the catalysts behind the meltdown. In the book, he advised readers on how to restructure their portfolios to hedge the economic decline.
Schiff also wrote a book titled “The Little Book of Bull Moves, Updated and Expanded: How to Keep Your Portfolio Up When the Market Is Up, Down, Or Sideways” in 2010. With this book, the financial expert analyzed the bull markets that have unfolded in the past. Also, he provided insights into other bear markets that followed. Schiff’s agenda with the book is to establish similarities and differences between the two market conditions using economic and political perspectives. Also, he provided recommendations that can help investors build and maintain their wealth in a struggling economy.
The same year, Schiff wrote another book; “How an Economy Grows and Why It Crashes.” The book was inspired by a book previously published by his father. In the book, the economic adviser provided insights into various economic concepts like the uses of capital, the importance of trade, savings, risks and many others.
Later, Schiff added a book to his name. The book was titled “The Real Crash: America’s Coming Bankruptcy – How to Save Yourself and Your Country.” There, the financial expert highlighted how the United States government almost defaulted on its debts. More so, he discussed the IRS political auditing scandal and why it matters.
Meanwhile, the returns from these publications have only contributed little to the net worth of Peter Schiff. Nevertheless, they served as a vehicle for the financial expert to illuminate his views on issues affecting the country and every investor.
Controversy
In October 2020, Peter Schiff’s Euro Pacific Bank was subjected to a joint investigation by a team of international investigators. Then, reports indicated that the bank was in the midst of an “enormous worldwide tax evasion probe.” It was also alleged that the Euro Pacific Bank facilitated a serious organized crime.
Amid the probe, the U.S. Internal Revenue Service visited Schiff. The visitation further fuelled the tax evasion allegation which was later downplayed by the financial commentator. In an interview with a known media, Schiff insisted that his bank did not involve in any illegal activities. He also threatened to sue media organizations projecting such allegation.
Around 2022, the bank was ordered to stop operations by the Puerto Rico Office of the Commissioner of Financial Institutions. Then, the regulator revealed that the bank didn’t have sufficient capital to remain in business. Schiff responded to the order, attributing it to the allegations from 60 Minutes Australia, a television show in the country.
Eventually, Euro Pacific Bank was vindicated after investigations showed that it was not involved in money laundering as alleged. Shortly after, Schiff launched a lawsuit against the media organizations that pushed the reports relating to the money laundering allegations. The lawsuit compelled these organizations to delete some o their contents that reflected the allegations.
Is Peter Schiff Pro Crypto?
Since 2013, Schiff has been steadfast with his harsh stance on Bitcoin and altcoins. Just like Jamie Dimon and other well-known critics, the economist also sees crypto as a Ponzi scheme and has consistently downplayed its usage as a medium of payment. Over the years, he slugged it out with renowned Bitcoin investors, like Tyler and Cameron Winklevoss on X (formerly Twitter).
One of his arguments with Tyler and Cameron Winklevoss surfaced after the duo hyped Bitcoin as a “gold 2.0.” Then, Schiff was quick to react to the tweet, stressing that Bitcoin was a bubble that would burst soon. Likewise, he also said the sensation around the largest crypto by market cap resembled Tulip Mania 2.0. This statement was in reference to the “Dutch Golden Age” era which witnessed a dramatic collapse in the value of tulips after attaining an all-time high.
Around 2020, he had an altercation with Tyler on X as regards the price movement of Bitcoin. Earlier, the Gemini co-founder predicted that the baseline for all future Bitcoin dips would not be less than $10,000. Meanwhile, as anticipated, Schiff’s response to the prediction was controversial. He opposed Tyler’s prediction, stressing that Bitcoin could be nearing its crash. However, a user identified as Sharkybit joined the conversation, sharing a screenshot of an earlier prediction by Schiff where he said Bitcoin would drop as gold spiked. The prediction turned out to be wrong and the American economist was not ashamed to admit this.
I was right on #gold, but wrong on #Bitcoin. The latter did managed to get through resistance and rally up to $12K, thanks in large part to a ride on gold's coattails and a massive TV advertising buy by Grayscale. By falling back to $10K Bitcoin quickly returned to a bear market.
— Peter Schiff (@PeterSchiff) September 6, 2020
Apart from Tyler and Cameron, Schiff has also engaged another Bitcoin maximalist, Anthony Scaramucci in a fierce debate. The debate unfolded in 2021 and was hosted on the Intelligence Squared YouTube channel. Scaramucci was the first to put up his argument, noting that Bitcoin’s scarcity would make it outperform gold in the future. He added that “Bitcoin is being adopted quite rapidly and the result of this means that the price is going to go a lot higher.” Responding to Scaramucci’s statement, Schiff insisted that Bitcoin and gold have nothing in common. Likewise, he argued that “Part of the marketing fraud is to try and portray Bitcoin as gold— gold 2.0, digital gold. It’s just a string of numbers without any sustainable value.”
Schiff’s belief is that Bitcoin is not backed by anything apart from the investors buying it. Therefore, he does not think the asset can become a source of commerce for the world or attain the same height as stocks or gold.
“The truth is the real success of Bitcoin rests on more people buying it. If you own it, you need to get many of your friends or colleagues to buy it because that’s the only way its prices go up. Bitcoin is not an asset like real estate where you can collect rent, stocks where you could collect a dividend or bonds where you get paid interest. … It’s not like a commodity where you actually can use it for something, like oil to generate power. … It’s not like gold, where you could make jewelry out of it or conduct electricity with it or use it in all sorts of industrial applications like other metals,” the economist argued.
Meanwhile, Schiff’s advice to investors has always been that they should exit the crypto market and subscribe to gold. While identifying Bitcoin as a hype machine, the American stockbroker believes crypto will fall and every investment in it would be useless. Although he has continued to face tough criticism from crypto optimists owing to his rigid opinion, Schiff seems undeterred. He always hits back at his critics, particularly when the market is down.
“The Bitcoin #HODL gang accuses me of not understanding #Bitcoin. They think that if I just took the time to learn about the underlying technology that I would embrace it. But the truth is that I understand Bitcoin much better than the people who own it. That’s the reason I don’t,” he said.
Notably, the financial commentator rates gold above Bitcoin. On numerous occasions, he engaged in the “Bitcoin versus Gold” debate. His stance is that while the Bitcoin price bubble is usually fueled by celebrities and influencers, “no gold company had a Super Bowl commercial.” He doubts if Bitcoin will still be alive in the next 20 to 50 years. Schiff’s recommendation to investors has never changed – exit the Bitcoin market and get exposed to gold, describing the latter as the best store of value. Recently, he even compared the market performances of the two to convince investors to accept his advice.
He said; “#Bitcoin is trading above $18K, its highest level in 3 weeks, an excellent opportunity for #HOLDers to sell … #Gold is only up $10, trading at an 8-month high. While Bitcoin has already broken down, gold has broken out. Time to drop Bitcoin.”
Although recent data, particularly from Longtermtrends illustrated that Bitcoin experienced a better market performance than gold in recent years, Schiff is not willing to back down on his viewpoint. According to Longtermtrends, while Bitcoin’s performance on a Year-To-Date (YTD) basis was an 84.57% hike, Gold only recorded a 6.26% spike within the same duration. This explains why many crypto enthusiasts are always critical of his perspectives on Bitcoin.
Nevertheless, he is still one of the most respected economists and financial commentators in the United States and has been a regular face in the news media. On several occasions, he appeared on CNBC and Bloomberg to illuminate his views on crypto. In one of his recent appearances, he argued that crypto, particularly Bitcoin has not met the criteria to become money. According to Schiff, nothing is special about Bitcoin apart from its usage for crime and speculation.
“This is a speculative frenzy. Right now, this is a bubble. It’s a cult. When you’re in it, obviously you need more people to believe in it, because the price can only go up if other people buy in. In that sense, it’s a natural Ponzi scheme – a lot of it is just plain greed. If you think you’re smart, don’t be afraid to take 10% off the table. Don’t be afraid to sell into the rally. Don’t get greedy. Don’t lose all your money,” he maintained.
Likewise in 2021, he was interviewed by Coin Stories. There, he predicted that Bitcoin would attain a $100,000 milestone but insisted that he still remains a non-believer. While a few of his views about Bitcoin have been economically reasonable, some are not. For instance, during the interview, he took a stab at the crypto and altcoins, saying they cannot be adopted as a means of payment. His argument appeared to be wrong after well-known firms like Tesla, AMC Entertainment and several others announced their intentions to accept Bitcoin as a medium of payment.
Schiff found an opportunity to hit hard on crypto enthusiasts following the Terra and FTX implosions that plunged the market into a bearish state. In an interview with Capital.com, he took a jab at the $20,000 Bitcoin price at that time, describing it as a false bottom. He argued that Bitcoin would turn zero and advised investors to sell their holdings.
“Markets rarely give investors much time to buy the bottom. #Bitcoin has been trading near $20K for the past 12 days. More likely, $20k will prove to be a false bottom, giving suckers plenty of time to climb aboard a sinking ship. Better to abandon ship before the bottom drops out.”
In 2023, the financial commentator commended ChatGPT for picking gold ahead of Bitcoin. He added that crypto has no future, urging investors to stay away.
#ChatGPT AI is pretty intelligent after all. It didn't recommend any allocation to #Bitcoin.https://t.co/mnhRN2TmFm
— Peter Schiff (@PeterSchiff) April 6, 2023
Meanwhile, when it appeared like Schiff wouldn’t be associated with Bitcoin till his death, the unexpected happened. The gold advocate suddenly announced his involvement in an NFT project that would be minted on Bitcoin through Ordinal technology. His announcement of his participation in this project ignited a massive furore, particularly on social media. Many users began to speculate that the outspoken Bitcoin hater had softened his stance about the tech he condemned for several years.
I'm pleased to announce an art project with one of my favorite artists, Market Price. This collaboration features the original painting “Golden Triumph” as well as a series of prints and Ordinals inscribed on the #Bitcoin blockchain. For information go to https://t.co/lEFJmgYTCk pic.twitter.com/vyoErYv39q
— Peter Schiff (@PeterSchiff) May 26, 2023
A prominent Bitcoin proponent, Udi Wertheimer was excited that the powers of Ordinals could propel a critic like Schiff to Bitcoin.
BREAKING: ORDINALS ENJOYERS MANAGE TO ON-BOARD PETER SCHIFF TO BITCOIN IN 3 MONTHS; LASER-EYES SEETHING AFTER FAILING TO GET HIM TO JOIN FOR 10 YEARS pic.twitter.com/rbWPhXJYD2
— Udi | BIP-420 🐱 (@udiWertheimer) May 26, 2023
Another crypto enthusiast, Layah Heilpern claimed Schiff loved Bitcoin but only pretended otherwise for “clout.”
You’ve always loved bitcoin you pretend otherwise for clout 😊 pic.twitter.com/xlcmE722fb
— Layah Heilpern (@LayahHeilpern) May 26, 2023
Nevertheless, the American economist has clarified that his engagement with the NFT project does not mean he has changed his perspective on Bitcoin. Around August 2023, he still portrayed his disbelief in Bitcoin. In a post on his X handle, the controversial financial expert insisted that the emerging Bitcoin ETF filings with the U.S. SEC won’t position the crypto for mass adoption. He aimed a dig at Bitcoin, calling it a gambling currency.
Once again the #Bitcoin shills on @CNBC have it wrong. A spot Bitcoin ETF does nothing to increase adoption. All it does is make it easier for some speculators to place directional bets on price. CNBC shills don't realize that gambling doesn't count as a use case for a currency.
— Peter Schiff (@PeterSchiff) August 29, 2023
Crypto and NFT Holdings of Peter Schiff
Schiff once joked that he had a crypto portfolio, but he doesn’t. Around 2021, the economist acknowledged that Bitcoin recorded great market performances, stressing that he would have become a billionaire if he had invested in it since 2011.
When asked about his financial regrets in the past few years, Schiff said; “Clearly, I wish I had bought bitcoin when I first heard about it – that was a keen mistake. Could have I put $100,000 in it – yeah, I could have. I mean, I put $100,000 in other things that turned out poorly. I could have been one of the bitcoin billionaires now, as obviously I knew about it early on. If I could go back in time, that’s one of the things I would do.”
Despite being a vocal detractor, Peter Schiff understands that he could have soared his net worth if he had invested in Bitcoin. Nonetheless, he said that does not mean he has confidence in the asset. Just recently, he was happy to announce on X that his son is no longer a Bitcoin bull.
My son @SpencerKSchiff is no longer bullish on #Bitcoin. As young people typically do, he's lost interest in a passing fad and moved on to something new. In this case it's #AI that's captivated his attention. As Bitcoin's young fan base matures many more will grow out of Bitcoin.
— Peter Schiff (@PeterSchiff) July 19, 2023
Surprisingly, Schiff has become a promoter of NFT and probably have one too. His engagement in a limited edition of “Golden Triumph” made headlines in 2023. The collection was unveiled and concluded the same year. Schiff alongside the artist was present at the event in New York.
Crypto and NFT Projects Featuring Peter Schiff
In spite of his unapologetic condemnations of Bitcoin, Schiff has been featured by an NFT project running on the blockchain. The collection gave rise to a limited edition of 50 prints. Each of these prints came with signatures of Schiff and the artist. The NFT has its unique inscription on Bitcoin through the powers of the Ordinal technology.
Just like Jamie Dimon, Schiff has also become a subject of interest for Wall Street Memes due to his advocacy for gold and criticism against Bitcoin. The project has created a strong spot for itself on social media by portraying the statements and activities of top crypto critics in the form of memes.
Peter Schiff showing us what your brain looks like when you’re all in on gold pic.twitter.com/WL5KolPnGj
— Wall Street Memes (@wallstmemes) March 16, 2022
Similarly, it does not ignore the endeavors of influential developers of the crypto town. Every memetic content from Wall Street Memes combines elements of Internet culture, humor, and communication. Therefore, this distinguishes the project from others in the meme industry.
Also, it gives us a clue about how Wall Street Memes has been able to successfully attract millions of users on social media. Without any doubt, this historic feat laid the foundation for its $WSM native token to thrive during its presale. Barely a few months after its presale took off, it raised over $26,000 in early investments.
Scores of mega-optimistic crypto whales are bullish about the meme coin and have registered their participation in the presale. With this astonishing milestone, it made the list of one of the most prosperous crypto presales for the year. Analysts, particularly well-known influencers are saying $WSM would be the next cryptocurrency to fly to the moon. Meanwhile, it is still available for grabs at cheap prices until it is listed on multiple tier-1 CEXs this September.
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Peter Schiff’s Net Worth – Our Verdict
Peter Schiff’s comments on trends and realities in the financial market has positioned him as a revered economist. He foresaw the 2008 financial crisis and issued numerous warnings which later proved to be accurate. Initially, the American commentator was heavily criticized for his prediction, but he eventually became a hero after his forecast came to fruition. Schiff rose to prominence, gaining massive attention from mainstream media. His analytical statements on the state of the U.S. economy are usually quoted by the media.
Schiff is also an author, with scores of best-selling books to his name. Likewise, he is a radio personality and the host of Schiff podcast. Without any doubt, his career as a financial expert, particularly with Shearson Lehman Brothers laid the foundation of his fortune. Similarly, his investment in gold has also impacted his financial status. According to estimates, Peter Schiff has a net worth of about $70 million in 2023.
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FAQs
Is Peter Schiff an author of books?
Yes. Peter Schiff is a renowned author. He wrote several books, including “Crash Proof: How to Profit From the Coming Economic Collapse, 2007.”
What's the 2023 net worth of Peter Schiff?
The net worth of Peter Schiff is estimated to be around $70 million in 2023.
What made Peter Schiff popular in the financial sector?
Peter Schiff became popular after his warnings and forecasts about the 2008 financial crisis came to fruition.
