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- Schiff calls Bitcoin a “stealth bear market” against gold.
- Bitcoin’s long-term gains still outpace gold despite recent drops.
- Gold remains Schiff’s choice for inflation protection over Bitcoin.
Peter Schiff, a prominent advocate for gold, has once again criticized Bitcoin, calling it a “stealth bear market” when measured against gold. In one of his recent posts on X, Schiff noted that Bitcoin is doing comparatively better than gold, as it has fallen 22% since its August 2025 peak and by 20 percent since its November 2021 high.
In this analysis by Schiff, one Bitcoin is equivalent to 29 ounces of gold at its current price of $109,702, and gold is currently priced at $3,773/ounce. Bitcoin reached an all-time high in August 2025 at $124,128, or nearly 37 ounces of gold. As of November 2021, it is 35.6 ounces per Bitcoin. According to Schiff, the declining ratio of Bitcoin to gold demonstrates that Bitcoin is weak, and gold is a more secure way to hedge against inflation.
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Bitcoin Supporters Fire Back, Highlighting Cryptocurrency’s Strong Long-Term Gains
The proponents of Bitcoin did not take long to react to Schiff’s remarks, arguing in favor of the cryptocurrency’s long-term viability. One of the most popular Bitcoin investors, John Ratcliff, stressed that Bitcoin (as well as gold) would flourish even when inflation increases. Ratcliff rejected Schiff’s bearish view by stating that assets would most probably benefit from hyperinflation.
Critics also reminded people of Schiff’s previous predictions. In 2018, he predicted that Bitcoin, valued at the time at $3800, would fall to under $750. Instead, it shot up to more than $100,000 in the next few years, far surpassing the gain of gold.
Long-Term Performance: Bitcoin Continues to Outpace Gold Despite Short-Term Struggles
Although Bitcoin is currently performing poorly compared to gold, its performance over the long term is still impressive. From September 2020 to September 2025, Bitcoin experienced an unbelievable rate of 919%, with its price increasing by more than 10,749 to 109,541. On the other hand, gold rose by 104% during the same period, as it rose to 3,790 per ounce, compared to 1,861.
Bitcoin is still developing more strongly than gold, though it has declined in recent months when expressed in gold. The Bitcoin vs. gold debate is still ongoing, and both parties present strong points about the benefits of their respective investments.
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