- Bitcoin vs gold debate reemerged after Schiff said BTC is in a stealth bear market.
- Is Bitcoin inferior to gold? Schiff cites a 22% decline in BTC/gold ratio.
- Bitcoin gold correlation slips as supporters cite BTC’s long-term outperformance.
Economist and gold advocate Peter Schiff renewed his criticism of Bitcoin, this time arguing the cryptocurrency has been in a “stealth bear market” when measured in gold.
Schiff, in a post on X, pointed out that, when measured in gold, Bitcoin is down 22% from its August 2025 high and 20% from its November 2021 peak.
His reasoning was one Bitcoin today, at about $109,702, equals roughly 29 ounces of gold at spot prices near $3,773 per ounce. At Bitcoin’s August 14 peak of $124,128, that ratio was almost 37 ounces, and in November 2021 it stood at 35.6 ounces.
For Schiff, this falling ratio shows why Bitcoin is inferior to gold, and why Schiff has consistently framed gold as a more reliable hedge against inflation compared to Bitcoin.
Related: If You Bought Gold Instead of Bitcoin or MicroStrategy, You’re Up 27%, Says Peter Schiff
Bitcoin Supporters Push Back
Bitcoin supporters quickly responded to Schiff’s comments. John Ratcliff, a Bitcoin investor, said the two assets are not in conflict and can both thrive in periods of rising inflation. “When hyperinflation comes, both bitcoin and gold will continue to do very well,” Ratcliff said.
Others reminded readers of Schiff’s past calls, including his 2018 prediction that Bitcoin, then at $3,800, would crash to $750. Instead, the cryptocurrency rose to over $100,000 in subsequent years, far outpacing gold’s growth.
These responses reflect the familiar bitcoin vs gold debate that has divided investors for years. Gold loyalists stress the metal’s historic stability. Bitcoin advocates point to its adoption curve and its stronger long-term returns.
Bitcoin and Gold Performance Data Shows Contrast
Several investors highlighted performance figures to counter Schiff’s claims. Between September 2020 and September 2025, Bitcoin rose from $10,749 to $109,541, marking a return of about 919%. Over the same period, gold increased from $1,861 to $3,790 per ounce, a return of just 104%.
Marcus Burelius, a market observer, accused Schiff of “cherry-picking dates” to emphasize gold’s edge. He argued that Bitcoin’s stronger long-term gains demonstrate its ability to compete with traditional safe-haven assets. The bitcoin-gold correlation is not straightforward in that ratios may shift, but over five years Bitcoin has been offering far higher returns.
The disagreement reflects a broader divide in financial markets on whether gold is the better investment emphasizing the metal’s historic role as a stable store of value over Bitcoin’s higher returns and growing adoption.
Related: Bitcoin (BTC) Price Must Break $116,800 to Go “Explosive,” Says Top Analyst
Schiff insists gold remains the only reliable hedge. Bitcoin advocates critique Schiff underestimates how fast digital adoption is changing investor portfolios. What is clear though is, Bitcoin’s price when measured in gold, has weakened in recent months, giving Schiff a new ammunition.
But the long-term comparison still favors Bitcoin, and that is why the bitcoin vs gold debate will continue to dominate conversations among investors.
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