Long-time Bitcoin (CRYPTO: BTC) critic Peter Schiff argues that investors would have fared far better holding gold than Bitcoin since the 2021 peak.
How Gold Outperformed Bitcoin
On Tuesday, Schiff pointed out that Bitcoin has fallen more than 66% against gold since its November 2021 high.
By his calculation, a $10,000 investment in Bitcoin at the peak would now be worth roughly $9,100, while the same amount invested in gold would have grown to more than $27,000.
He also noted that despite a recent $80 pullback in gold prices, many gold mining stocks continue to trade higher, with some reaching multi-year or all-time highs.
According to Schiff, that resilience suggests investor’s view gold miners as undervalued and positioned to remain attractive even if bullion experiences a deeper correction.
Schiff: The Media Is Bitcoin-Biased
Schiff further criticized financial media coverage of Bitcoin’s downturn, arguing that most commentary focuses on calling the bottom and predicting the next rally, while largely ignoring the possibility that the entire bull cycle was a speculative bubble now deflating.
In recent remarks, Schiff warned that Bitcoin could slide toward $50,000 and potentially crash to $20,000.
While he acknowledged that institutional ownership, leverage dynamics and valuation narratives may cushion the fall, he maintains that another severe drawdown remains possible.
Separately, Schiff targeted Michael Saylor, executive chairman of Strategy (NASDAQ:MSTR), who has previously suggested refinancing debt even in extreme downside scenarios.
Schiff questioned whether markets would continue to take either Saylor or Bitcoin seriously if such levels were reached.
As the debate between gold advocates and crypto proponents intensifies, the divergence in performance narratives continues to fuel sharp ideological divides across financial markets.
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