‘A huge mistake’: Why Peter Schiff thinks Bitcoin buyers got it wrong

While the crypto market is focused on recovering from recent price swings, one of its strongest critics is using the moment to defend traditional assets.

On the 11th of February, veteran investor Peter Schiff restarted the long-running “Gold vs. Bitcoin” debate by criticizing Bitcoin’s recent performance.

Posting on X, Schiff pointed out that Bitcoin had fallen below $66,000 and was now worth less than 13 ounces of gold. He also noted that when measured against gold, Bitcoin is trading about 64% below its November 2021 peak.

Schiff added, 

Schiff’s comments draw criticism

Schiff’s comments came at a time when the gap between traditional assets and crypto is becoming clearer. While Bitcoin was struggling to gain strong momentum near $67,000, gold remained relatively stable above $5,000 per ounce.

Schiff argued that this stability shows why gold remains more reliable than digital assets.

As expected, his remarks sparked strong reactions online. Many crypto supporters pushed back, defending Bitcoin and questioning Schiff’s views, keeping the long-running debate alive once again.

For instance, an X user noted, 

Well-known executives add to the debate

In fact, it’s not just crypto users who have engaged in this debate. In the past, several high-level executives have also shared their views on this issue. For instance, Jeff Walton, Chief Risk Officer and CEO of True North, said,

He explained that money is a tool that helps us save and spend in the future. Gold is good, but its supply can grow. Bitcoin is special because its supply is fixed and it moves easily around the world. 

Echoing a similar sentiment, Vijay Boyapati, a Senior Software Engineer, added, 

Not only this, last year, Binacne CZ also predicted,

However, market rankings contradict his argument. According to CompaniesMarketCap, gold remains the most valuable asset in the world at number one. Bitcoin, which once came close to entering the top ten, has now fallen to around the thirteenth rank.

Decoding Schiff’s previous remarks

This was not just a single post from Schiff; he has been running against Bitcoin for more than ten years. Even though reports suggested that his own company was exploring gold tokenization on blockchain, Schiff has continued to support only physical assets.

In several public debates in December 2025, he repeated his view that Bitcoin has no “real value” and is a “fake asset” that will eventually crash.

In October, too, Schiff shared this view again on X, saying that “Gold is eating Bitcoin’s lunch,” suggesting that investors are moving back to gold as they lose faith in crypto. 

He has also pointed out that as early as September, Bitcoin had already fallen sharply against gold, bringing it close to a bear market in terms of real value.

Therefore, in his view, this poor performance does not match the excitement and hype around crypto. 

Final Thoughts

• Schiff’s repeated warnings continue to influence conservative investors who prioritize stability over high-risk returns.
• Supporters argue that Bitcoin and gold serve different roles, showing that the debate is not simply about choosing one over the other.