Peter Schiff: “Bitcoin doesn't live up to its hype”
- The Bitcoin price, measured in gold, has fallen by around 20 percent since August, significantly below its record high at that time. While the cryptocurrency is only about ten percent below its peak in US dollars, its valuation in gold indicates a more pronounced period of weakness.
- Reason enough for Peter Schiff to once again lash out at the leading cryptocurrency: “Bitcoin isn't living up to its hype. Valued in gold, Bitcoin is now 20 percent below its record high from August.”
Bitcoin is not living up to its hype. Priced in gold, Bitcoin is now 20% below its record high set in August. In other words, Bitcoin is in a bear market. Since Bitcoin is promoted as being digital gold, being down 20% in gold is more significant than being down 10% in dollars.
— Peter Schiff (@PeterSchiff) September 23, 2025
- According to the Goldbug, BTC is in a bear market.
- The comparison with the precious metal is used as a benchmark, especially by institutional investors, as gold has been considered a store of value for decades. Current developments illustrate that the perception of BTC differs depending on the valuation metric.
- Why gold is considered a “safe haven” – and Bitcoin is not (yet), you can read here: How crisis-proof is Bitcoin really?
- Admittedly, Peter Schiff's criticism isn't entirely wrong. However, if you look at the performance of BTC, measured in gold, over the past five years, it's striking that investing in digital gold has been significantly more profitable.
Recommended Video: Crypto Millionaire vs. Gold Maxi: Is Bitcoin crashing or will it secure our future?
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