Bitcoin is the "largest investment scam in history," Peter Schiff said.

As of today, this leading cryptocurrency is trading at nearly $118,900 after a rapid pullback, prompting traders to debate whether there will be another bullish move towards the record high. For many in the market, the recent surge is yet another sign that the growth momentum is still firmly tilted towards Bitcoin. However, for long-time critic Peter Schiff, this is just a new chapter in what he calls a dangerous bubble. Schiff dismisses this surge, arguing that it is merely a speculative wave rushing into what he still considers to be "the biggest investment scam in history." While analysts are optimistic that breaking through the $125,000 level could create a new all-time high, Schiff's skepticism points to a deeper concern—that the bullish trend of Bitcoin is less related to real-world adoption and more tied to a speculative frenzy driving investment flows from institutions, ETF demand, and bets on corporate balance sheets. Some market observers warn that this cycle is fundamentally different from previous cycles. With public companies holding large reserves of Bitcoin and exchange-traded products attracting billions of dollars in capital flows, this asset is more tightly connected to traditional markets than ever before. This linkage may increase risks if sentiment reverses. For example, a major sell-off of stocks "representing Bitcoin" could trigger a chain reaction — stock prices fall, corporate buying power decreases, and BTC prices drop faster. Currently, traders are watching to see if the support levels around $115,000–$116,000 hold. But as Schiff's latest statements have reminded the market, the bigger question may not be whether Bitcoin can rise further, but what will happen to the developing ecosystem of companies and investment funds surrounding it if the trend reverses.