Peter Schiff has a quantity. And he needs 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 somewhat than {dollars}, the flagship cryptocurrency has misplaced greater than 66% of its worth since hitting its all-time excessive in November 2021.
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The Math Behind Schiff’s Declare
To make his case, Schiff reframed the comparability in a manner that sidesteps the same old dollar-based charts. Again in November 2021, one Bitcoin may purchase roughly 34.5 ounces of gold. At this time, that very same Bitcoin buys simply 12 ounces — a drop of greater than 64% in buying energy relative to the dear metallic.
The greenback figures inform an analogous story, not less than from that start line. Based on Schiff, a $10,000 funding in Bitcoin on the November 2021 peak can be value round $9,100 right this moment. That very same $10,000 put into gold over the an identical 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 excessive of $126,200 reached in October 2025, and now sits round $63,000.
Bitcoin is now down over 66% when priced in gold since its Nov. 2021 peak over 4 years in the past. Placing that into perspective, had you invested $10,000 in Bitcoin again then, it could be value about $9,100 right this moment. However that very same $10,000 invested in gold can be value over $27,000.
— Peter Schiff (@PeterSchiff) February 24, 2026
Bitcoin’s ‘Secure Haven’ Story Will get Difficult
For years, Bitcoin was pitched to traders as a contemporary different to gold — scarce, decentralized, and proof against inflation. The thought was easy: fastened provide would defend wealth the identical manner gold has for hundreds of years. However latest market conduct has put that story underneath pressure.
When financial nervousness rises, many traders have continued to maneuver cash into gold somewhat than Bitcoin. Stories be aware 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 tougher for Bitcoin to say the identical defensive status 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 may select. Additionally they level out that the alpha crypto has climbed 320% from its cycle low of $15,000 in November 2023, whereas gold gained 150% over that very same timeframe.
For the primary time in 12 years, I’m questioning Bitcoin’s thesis.
It’s not the drawdown that considerations me; it’s how Bitcoin responded when markets genuinely moved into threat and uncertainty.$BTC advanced from “peer-to-peer money” into “digital gold.”
We fought for ETF approval.… pic.twitter.com/dblggAsanJ
— Ran Neuner (@cryptomanran) February 16, 2026
Cycles, Not Traits, Say Bitcoin Supporters
Stories say Bitcoin advocates cointend the crypto has all the time moved by way of boom-and-bust cycles, with steep recoveries sometimes following main beat-downs. Provide halvings, shifts in accessible liquidity, and swings in investor sentiment have traditionally been the impetus to these rebounds.
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From that view, the present stretch of underperformance in opposition to gold is seen as a traditional a part of Bitcoin’s cycle somewhat than a everlasting reversal. Bitcoin accomplished a full market cycle final 12 months, and a interval of value correction is in line with its historic conduct.
Nonetheless, the hole between gold’s regular climb and Bitcoin’s unstable journey has given critics loads of materials. Schiff, who has maintained his skepticism of Bitcoin for properly over a decade, exhibits no signal of adjusting his place anytime quickly.
Featured picture from Unchained Podcast, chart from TradingView
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