TLDR
- Peter Schiff criticized Bitcoin for weakening against gold during its recent price surge.
- Gold reached a new all-time high above $3,586 and gained over 36% year to date.
- Bitcoin dropped 18% in gold terms since August 12 and is close to bear market territory.
- Schiff stated that Bitcoin is still 16 percent below its peak ratio against gold from November 2021.
- Bitcoin remains up 18% in 2025 but failed to match gold’s consistent long-term growth.
Gold has reached a new all-time high, crossing $3,586, while Bitcoin has underperformed in comparison, drawing sharp criticism. Peter Schiff, a long-time gold advocate, highlighted Bitcoin’s recent decline when priced against gold, calling it a warning sign. He emphasized that Bitcoin’s weakness reinforces its limitations as a store of value when compared to gold.
Gold Hits New High as Peter Schiff Defends Metal’s Strength
Peter Schiff noted gold’s strong rally as a clear sign of its dominance over Bitcoin in recent months. “Bitcoin priced in gold has dropped 18% since August 12,” he said, citing TradingView data. Schiff explained that this ratio is now only 2% above official bear market territory.
He added that Bitcoin is still 16% below its November 2021 gold ratio peak, despite its USD recovery. Gold, meanwhile, has surged over 36% in 2025 alone, hitting record highs across multiple timeframes. Its five-year return of 85% shows consistent performance across both bull and bear cycles.
Priced in gold, since hitting a high of about 37.2 ounces on Aug. 12, Bitcoin is down 18%, just 2% above official bear market territory. In fact, priced in gold, Bitcoin is currently almost 16% below its Nov. 2021 high. How do you square this dismal performance with all the hype?
— Peter Schiff (@PeterSchiff) September 6, 2025
This performance strengthens Peter Schiff’s belief that gold remains the ultimate safe-haven asset during uncertain economic conditions. He argues that Bitcoin cannot match gold’s track record for reliability and stability. Schiff has repeatedly asserted that gold is a better long-term hedge than any cryptocurrency.
Bitcoin Shows Gains in USD But Falls Against Gold
Bitcoin currently trades near $110,160 after falling 0.46% in the past 24 hours and over 4% in the past month. Despite this, Bitcoin remains up 18% year to date and 36% in the past six months. Its one-year gain stands at 96%, while the five-year return is close to 1,000%.
However, Peter Schiff dismissed these figures as misleading when viewed through the lens of gold’s performance. He pointed out that Bitcoin’s weakness in gold terms reveals its vulnerability during macroeconomic shifts. “Bitcoin is not proving itself as a safe-haven,” Schiff stated.
He has argued that while Bitcoin shows potential in price speculation, it lacks the consistency gold provides during financial stress. Peter Schiff also mentioned that Bitcoin remains highly volatile and correlated with risk assets. Therefore, he believes it cannot serve as a true hedge like gold.
Analysts Highlight Bitcoin’s Structural Weakness
Bloomberg’s Mike McGlone also criticized Bitcoin’s recent chart behavior, comparing it to Dogecoin’s speculative cycles. He noted that despite Bitcoin’s fixed supply, external risks continue to pressure the cryptocurrency market. McGlone warned that Bitcoin could face steep losses if the stock market declines.
Most Commodities Go Down, Because They Went Up – This may also be Bitcoin’s problem. It’s capped at 21 million, but competitor cryptocurrencies are not — there are about 21 million now according to CoinMarketCap, compared with just one in 2009. If the U.S. stock market declines,… pic.twitter.com/FhLERNIXml
— Mike McGlone (@mikemcglone11) September 6, 2025
He explained that Bitcoin’s ties to risk assets make it sensitive to global financial shocks and monetary policy shifts. Peter Schiff agreed, noting that cryptocurrencies still rely on speculative capital, unlike gold’s long-established base. Both analysts believe Bitcoin remains structurally weak compared to gold.
Peter Schiff’s criticism of Bitcoin focuses on its performance relative to gold rather than its absolute gains. He maintains that Bitcoin cannot compete with the historical resilience and widespread trust that gold offers. Schiff’s stance grows stronger as gold sets new records amid ongoing global uncertainty.
