Bitcoin (CRYPTO: BTC) critic Peter Schiff is sounding the alarm on the cryptocurrency's recent underperformance against gold.
What Happened: In an X post on Thursday, Schiff noted that Bitcoin has fallen 32% against gold since its August peak, arguing that a "brutal" bear market for Bitcoin is imminent.
He urged holders to sell BTC for gold to avoid further losses.
The post quickly garnered over 100,000 views. Schiff emphasized that Bitcoin is declining while gold rises, positioning the two as clear opposites.
The post sparked debate among investors:
- Joe Hill joked that Schiff is "stuck in the 1970s," claiming gold could see a bear market if Bitcoin does.
- Highly followed trader The Bitcoin Therapist said he's considering selling Bitcoin to move fully into gold, seeking Schiff's advice.
- Tony Edward, founder of Thinking Crypto Podcast, argued that an upcoming liquidity rotation could allow Bitcoin and the broader crypto market to outperform gold.
Gold as measured by the SPDR Gold Trust (NYSE:GLD) has made repeated all-time highs over recent weeks, trading just below $4,300 on Thursday.
Also Read: Corporate Bitcoin Adoption Surged 40% In Q3: Report
Why It Matters: In another X post, Schiff claimed the trend signals not only de-dollarization but also de-bitcoinization, asserting that Bitcoin has failed as both a dollar alternative and a form of digital gold.
He warned that Bitcoin holders who ignore reality may face heavy losses.
Despite a 10% drop in BTC prices over the past week, data from Bitinfocharts shows that addresses holding 0–0.00001 BTC rose from 6.99 million to 7.07 million, indicating that small retail traders continue accumulating Bitcoin.
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