TLDR
- Peter Schiff says gold’s selloff is a buying opportunity, while calling Bitcoin’s decline a deflating bubble
- Bitcoin fell below $60,000 for the first time in 20 months, down over 52% from its all-time high of $126,198
- Schiff argues Bitcoin never rose with gold’s earlier rally, but is now falling alongside it
- He rejects the theory that a gold selloff would push capital back into Bitcoin
- Citigroup predicted gold could fall another 20% by September
Economist Peter Schiff made his position clear this week. Gold’s recent price drop is a chance to buy. Bitcoin’s drop is something different — a bubble coming apart.
Schiff posted his views on X on June 24, pushing back on a theory circulating in crypto markets. Many investors had expected a gold selloff to push money into Bitcoin. Schiff says that logic doesn’t hold up.
“Bitcoin didn’t rise with gold, but it sure is falling with it,” he wrote. “Gold’s selloff is a buying opportunity. Bitcoin’s selloff is a bubble deflating.”
Bitcoin didn't rise with gold, but it sure is falling with it. Many expected a gold selloff to be a catalyst to send money back into Bitcoin. While the drops are similar, the dynamics are different. Gold's selloff is a buying opportunity. Bitcoin's selloff is a bubble deflating.
— Peter Schiff (@PeterSchiff) June 24, 2026
Bitcoin Falls Below $60,000
Bitcoin dropped below $60,000 this week for the first time in 20 months. The cryptocurrency is now down more than 52% from its all-time high of $126,198, which it hit in October last year.
Over the past year, Bitcoin is down 44%. Year-to-date, it has lost 30.58%.
Despite those recent losses, Bitcoin’s 10-year return still sits at over 9,400%. Gold’s 10-year return is around 201%.
Schiff’s core argument is about asymmetry. Bitcoin didn’t participate in gold’s earlier rally, he notes. The fact that it is now falling alongside gold does not mean the two assets are connected by the same forces.
He sees Bitcoin’s weakness as speculation unwinding, not a healthy correction.
Gold’s Own Troubles
Gold is not without its problems either. After a strong 2025 rally, the metal has pulled back sharply.
Gold fell more than 13% in March, its worst drop since the 2008 financial crisis. Since the outbreak of the Iran war, gold has fallen 24% — a performance that raises questions about its safe-haven reputation.
Year-to-date, gold is down 8.32%, though it is still up 20% over the past year.
Citigroup said earlier this month that gold could fall another 20% by September.
Schiff has spent years promoting gold over Bitcoin. He has consistently argued gold holds lasting value while Bitcoin is driven by sentiment and speculation.
His argument this week is the same one he has made for years. Two assets falling at the same time does not mean they are falling for the same reason.
Whether capital eventually rotates from gold into Bitcoin, as some crypto investors expect, remains to be seen.
As of the time of writing, Bitcoin was trading near $59,155, down 1.5% in the past 24 hours, according to CoinGecko.
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