- Peter Schiff says Bitcoin is nearly in a bear market against gold, with BTC down 18% since mid-August when measured in ounces of gold.
- Gold just hit a new all-time high at $3,586, climbing 42% over the past year and reinforcing its safe-haven appeal.
- Despite long-term gains of nearly 1,000% in five years, analysts warn Bitcoin remains fragile to macro shocks and stock market downturns.
Peter Schiff wasted no time pointing out what he sees as Bitcoin’s weakness against gold. According to him, since peaking at 37.2 ounces of gold per BTC on August 12, Bitcoin has dropped nearly 18%. That leaves it only about 2% away from what he calls “official bear market territory” when measured in gold. To add to the jab, Schiff noted that compared to its November 2021 peak, Bitcoin is still down roughly 16% when priced in the yellow metal.
For Schiff, this is proof that Bitcoin will never match gold as a long-term store of value. He’s been hammering this same point for years, and with gold smashing new records, the timing couldn’t be better for him to drive it home.
Gold Surges as Safe Haven Status Strengthens
While Bitcoin has struggled to hold momentum, gold has been enjoying one of its best runs in history. TradingView data shows gold just broke past $3,586, setting a fresh all-time high. Year-to-date, that’s a gain of 36%, with 42% over the past twelve months.
Zooming out makes it even clearer: gold climbed 23% in the past six months, and more than 85% over the last five years. This slow, steady climb reinforces its reputation as the ultimate safe haven asset. Schiff argues that this kind of consistency is exactly why gold beats Bitcoin in the long run.
Bitcoin Holds Long-Term Edge, But Short-Term Wobbles Raise Doubts
Bitcoin, meanwhile, is sitting near $110,160, down less than half a percent on the day but off more than 4% in the past month. Despite the recent dip, Bitcoin has still notched big wins: it’s up 18% year-to-date, 36% over the past six months, and a staggering nearly 1,000% in the last five years.
That kind of growth is why many investors still see BTC as a long-term bet. But Schiff’s point is about the here and now: when measured against gold, Bitcoin looks weaker, and that creates doubts about its role as a safe haven.
McGlone: Bitcoin Still Looks Fragile
Adding to the skepticism, Bloomberg Intelligence’s Mike McGlone compared Bitcoin’s price structure to Dogecoin, warning that the crypto may share the same vulnerabilities. He argued that like other commodities, Bitcoin tends to fall hard after sharp rallies.
McGlone also reminded traders that Bitcoin’s fixed supply of 21 million coins doesn’t make it immune to competition. Back in 2009, Bitcoin stood alone. Now, there are thousands of other cryptocurrencies, many growing at faster rates.
His stark warning: if the U.S. stock market takes a sharp dive, Bitcoin and the broader crypto market could “lose a zero” far quicker than they’ve added one since 2020. In other words, while Bitcoin has massive upside over time, it remains highly exposed to macroeconomic shocks and risk-off sentiment.
