Peter Schiff Says Bitcoin Is Losing to Gold as Prices Diverge

Bitcoin is once again under fire from Peter Schiff, CEO of Euro Pacific Asset Management, who claims the cryptocurrency is "losing" to gold. Schiff points to the underwhelming price performance of Bitcoin, which is trading nearly 30% below its February peak, while gold has surged to a new all-time high of $3,176.

According to CoinGecko, Bitcoin is currently priced at $78,669 after dipping to the same intraday low. Despite a brief market recovery earlier this week, Schiff remains bearish, calling the recent stock market upswing a classic “bear market rally.” He warns investors that it’s still "not too late" to sell U.S. equities as the S&P 500 tumbles 3.46%, erasing much of its recent gains.

Schiff also took aim at speculation that China might buy Bitcoin to compete with the U.S. in the digital asset space. He dismissed the idea, saying, "They are not that dumb. They are happy to sell us Bitcoin, though." This directly counters comments from Senator Cynthia Lummis, who recently suggested a potential arms race between the U.S. and China over Bitcoin accumulation.

Meanwhile, crypto market figures remain divided. While Schiff slams Bitcoin, other voices like Michael Saylor continue to advocate for it, and legendary trader John Bollinger has hinted at a potential bottom. On the Ethereum front, Samson Mow argues that ETH remains overvalued even as its price revisits 2023 lows.

As Bitcoin and gold diverge, investor sentiment remains mixed. With macroeconomic uncertainty and rising gold prices, Schiff’s ongoing critique of Bitcoin reflects the broader debate on whether the leading cryptocurrency can maintain its status as digital gold.