The longtime Bitcoin critic says gold's decline is temporary, while Bitcoin's latest slide signals a bubble losing steam.
Economist and gold advocate Peter Schiff has renewed his criticism of Bitcoin after the cryptocurrency fell below $60,000 for the first time in 20 months. While both gold and Bitcoin have recently declined, Schiff argues the two assets are moving for very different reasons.
Key Details
In a post on X, Schiff said Bitcoin failed to benefit from gold's earlier rally and is now falling alongside the precious metal. He dismissed hopes that investors would move money from gold into Bitcoin during the correction.
"Gold's selloff is a buying opportunity. Bitcoin's selloff is a bubble deflating," Schiff wrote.
Bitcoin has now dropped more than 52% from its all-time high of $126,198 reached in October last year. The world's largest cryptocurrency is down 44% over the past year, 30.58% year-to-date, but remains up an impressive 9,461% over the last decade.
Gold tells a different story. Despite gaining 20% over the past year and 201% over the last 10 years, it has fallen 8.32% year-to-date. After a strong rally in 2025, gold suffered a 13% selloff in March, its biggest monthly decline since the 2008 financial crisis, and has dropped 24% since the outbreak of the Iran war.
Adding to the cautious outlook, Citigroup recently forecast that gold could decline another 20% by September.
Market Reaction
Bitcoin remains under heavy selling pressure, while gold continues to struggle despite its traditional safe-haven reputation. Investors are closely watching whether risk assets can stabilize as uncertainty remains high.
Why It Matters
The debate over whether gold or Bitcoin offers better protection during market stress is back in focus. Traders are weighing short-term volatility against each asset's long-term performance.
Markets will be watching whether Bitcoin can regain key support levels and whether gold's correction deepens in the months ahead.
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