Longtime Bitcoin critic Peter Schiff has reignited his criticism of the flagship cryptocurrency, arguing that Bitcoin is deep in a “major bear market” — particularly when priced against gold.
In a recent post on X, Schiff highlighted that Bitcoin has underperformed gold dramatically since its all-time high in November 2021. He noted that despite a series of bullish catalysts, BTC has shed about 30% of its value relative to gold.
“Even with ETF approvals, MicroStrategy’s record leverage, the election of a Bitcoin president, and national reserves now holding BTC — the price in gold terms continues to fall,” Schiff wrote.
His comments follow new data from Saylortracker, showing that MicroStrategy’s recent Bitcoin buys are now in the red. The company’s major acquisition on March 31 — 22,048 BTC at an average price of $86,969 — is currently sitting at a 5.08% loss, equating to a $97 million hit.
Other purchases made in February and March have also declined between 2% and 15%, with only one — 130 BTC bought on March 17 — barely breaking even.
“Digital Gold” Comparison Under Fire
Schiff doubled down on his stance that Bitcoin is behaving less like gold and more like a speculative asset. “If it were truly digital gold, wouldn’t it act more like gold?” he asked, pointing to its correlation with risk-on assets.
He likened Bitcoin’s performance to that of penny stocks, questioning its suitability as a store of value or a reserve asset.
“As more investors begin to see through the hype, this narrative is crumbling fast,” Schiff warned.
His remarks come at a time when Bitcoin continues to trade well below recent highs, despite increased institutional adoption and global interest. Whether Schiff’s criticisms will influence market perception remains to be seen — but his voice continues to challenge Bitcoin’s core branding.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/peter-schiff-bitcoins-digital-gold-narrative-is-crumbing-fast/