Peter Schiff Claims Bitcoin Has Been in a Bear Market for Years—Here’s Why

Renowned gold advocate Peter Schiff has once again ignited debate over Bitcoin’s long-term viability. In a recent post on X, Schiff argued that Bitcoin (BTC) has been in a prolonged bear market—not in dollar terms, but when measured against gold.

At Bitcoin’s 2021 peak, one BTC could buy 36.3 ounces of gold. Today, that same BTC is worth only 27.7 ounces—a 24% decline. Schiff contends that despite Bitcoin’s price surges, it has been steadily losing value against gold, reinforcing his belief that gold remains the superior store of value.

Schiff’s latest remarks were aimed at Michael Saylor, a prominent Bitcoin advocate. He emphasized that gold, with its millennia-old history, continues to be the "apex predator" of financial assets, outlasting digital competitors like Bitcoin. While BTC has existed for just over a decade, Schiff believes history will determine which asset holds true value.

His critique comes amid ongoing division in the financial world. Bitcoin supporters argue that it serves as a hedge against inflation and a revolutionary financial tool, while skeptics like Schiff dismiss it as a high-risk asset, more akin to tech stocks than digital gold.

As Bitcoin hovers in uncertain territory, Schiff’s perspective underscores a fundamental debate: Is BTC the future of finance, or is gold still king?