Peter Schiff Mocks Bitcoin as Gold and Stocks Surge to Record Highs

Echelon Wealth Partners co-founder Peter Schiff has once again taken aim at Bitcoin, using X (formerly Twitter) to argue that both risk-tolerant and risk-averse investors have been selling off the world’s largest cryptocurrency. Schiff taunted Bitcoin supporters by asking whether this exodus should concern them, suggesting it may be time to “change horses” as Bitcoin lags behind gold and stocks.

While the Nasdaq Composite index reached another record high last week ahead of a widely expected Federal Reserve rate cut, Bitcoin failed to follow suit. This decoupling is unusual, with the correlation between Bitcoin and the Nasdaq dropping to its lowest level since September 2024. Despite briefly hitting an all-time high of $124,128 on August 14, Bitcoin has since slipped 6.2%. Meanwhile, gold has soared past $3,600, setting fresh records amid global economic uncertainty.

Schiff, a longtime gold advocate and Bitcoin critic, insists the Fed is about to make a “major policy mistake” by cutting rates into rising inflation. According to Polymarket data, there’s a 92% chance of the first rate cut since December 2024. Schiff, however, argues the central bank should raise rates further, claiming monetary policy has already been “too loose.”

His commentary comes as investors weigh whether Bitcoin can sustain its reputation as digital gold or if it risks losing ground to traditional safe-haven assets. The divergence between Bitcoin, stocks, and gold highlights growing uncertainty across financial markets, with Schiff betting heavily that Bitcoin’s weakness signals deeper trouble ahead.