Peter Schiff argues tokenized stocks could challenge Bitcoin's value proposition

Peter Schiff argues that the SEC's tokenized-stock announcement is bearish for $BTC because tokenized securities could provide blockchain-based convenience while retaining claims on traditional underlying assets.
His thesis is that investors seeking digital portability and accessibility may increasingly obtain those features through tokenized stocks rather than relying on Bitcoin for digital-asset exposure.
The argument represents Schiff's market view rather than an established outcome. Tokenized securities and Bitcoin have different economic structures, use cases and risk profiles, so growth in one does not necessarily imply reduced demand for the other.