Bitcoin is a pure ponzi, it's a pyramid, the demand for Bitcoin is based on the belief that you can sell it to somebody else at a higher price.
Schiff is interesting because I can tell he understands some parts of Bitcoin, but never know how much he actually knows. I wonder if subconsciously he sees the value in Bitcoin but needs to take the opposing side to avoid the cognitive dissonance it would bring from being a gold bug for so long. Unfortunately he's attached his identity to gold instead of to the idea of finding the best manifestation of a scarce asset free of government control.