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Peter Schiff Says Bitcoin Has Never Beaten Gold Since 2021

Peter Schiff has a quantity. And he desires everybody to see it. The longtime gold supporter and Bitcoin critic took to social media this week to argue that when Bitcoin’s value is measured in gold relatively than {dollars}, the flagship cryptocurrency has misplaced greater than 66% of its worth since hitting its all-time high in November 2021.

The Math Behind Schiff’s Claim

To make his case, Schiff reframed the comparability in a approach that sidesteps the standard dollar-based charts. Back in November 2021, one Bitcoin might purchase roughly 34.5 ounces of gold. Today, that very same Bitcoin buys simply 12 ounces — a drop of greater than 64% in buying energy relative to the dear steel.

The greenback figures inform an identical story, at the least from that start line. According to Schiff, a $10,000 funding in Bitcoin on the November 2021 peak could be value round $9,100 right now. That identical $10,000 put into gold over the similar interval would have grown to greater than $27,000. Gold was buying and selling close to $1,770 in late 2021 and has since climbed previous $5,000 — a achieve of roughly 185%.

Bitcoin, against this, peaked at $69,000 throughout that very same bull run. It has since pulled again sharply from a high of $126,200 reached in October 2025, and now sits round $63,000.

Bitcoin’s ‘Safe Haven’ Story Gets Complicated

For years, Bitcoin was pitched to buyers as a contemporary different to gold — scarce, decentralized, and proof against inflation. The thought was easy: mounted provide would shield wealth the identical approach gold has for hundreds of years. But current market conduct has put that story beneath pressure.

When financial nervousness rises, many buyers have continued to maneuver cash into gold relatively than Bitcoin. Reports observe that Bitcoin has, in a number of cases, moved extra like a high-risk tech inventory than a secure haven asset in periods of broader market stress. That sample has made it more durable for Bitcoin to assert the identical defensive repute that gold has constructed over a for much longer historical past.

CNBC crypto commentator Ran Neuner has additionally weighed in on the topic, saying that the store-of-value case for Bitcoin now faces critical scrutiny.

Bitcoin supporters, for his or her half, push again on the framing. They level out that November 2021 was Bitcoin’s peak — about as unfavorable a place to begin for comparability as one might select. They additionally level out that the alpha crypto has climbed 320% from its cycle low of $15,000 in November 2023, whereas gold gained 150% over that very same timeframe.

Cycles, Not Trends, Say Bitcoin Supporters

Reports say Bitcoin advocates cointend the crypto has all the time moved by boom-and-bust cycles, with steep recoveries sometimes following main beat-downs. Supply halvings, shifts in out there liquidity, and swings in investor sentiment have traditionally been the impetus to these rebounds.

From that view, the present stretch of underperformance towards gold is seen as a standard a part of Bitcoin’s cycle relatively than a everlasting reversal. Bitcoin accomplished a full market cycle final 12 months, and a interval of value correction is according to its historic conduct.

Still, the hole between gold’s regular climb and Bitcoin’s risky journey has given critics loads of materials. Schiff, who has maintained his skepticism of Bitcoin for properly over a decade, reveals no signal of adjusting his place anytime quickly.

Featured picture from Unchained Podcast, chart from TradingView

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