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Renowned Bitcoin critic and Peter Schiff took another stab at the world’s top cryptocurrency days before the halving, saying the digital asset is in a “stealth bear market”—especially when compared to gold.
“Bitcoin is trading below 27 ounces of gold [and] it’s now down over 27% since hitting its record-high of 37 ounces of gold 2.5 years ago,” tweeted the founder of Euro Pacific Capital. “Given all the hype about Bitcoin and lack of coverage of gold, few likely realize Bitcoin is in a stealth bear market when priced in real money.”
“Real money” is measured in the purchasing power of a currency or asset. Schiff elaborated further on his podcast on Monday.
“The price of Bitcoin is down to about 18.6 ounces of gold—the high was 27 two and a half years ago—so we’re getting deeper into bear market territory,” he said. ”None of these Bitcoiners want to acknowledge this, despite all the hype, ETFs, this big rally, Bitcoin never made a new high in real money… and it may not.”
The price of Bitcoin is $63,660 at time of writing, according to CoinGecko. It has stayed above $60,000 since the end of February, when crypto market watchers were declaring a fresh bull market, but it hasn’t revisited its all-time high of $73,000 set in March. It’s still up over 43% year to date.
The price of gold, meanwhile, has pumping this year, up 17% in 2024 so far and setting a new all-time high after four consecutive weeks of gains.
Schiff famously declared that “Bitcoin will never hit $50K” in August 2019. He was more than ready to declare victory six months later when the price of BTC plunged below $7,000—and then below $4,000, but he was proven wrong less than two years later.
Schiff appears to relish his role as a Bitcoin gadfly, and as a perennial advocate of gold, eagerly entering public debates over which is the smarter investment. After arguing with entrepreneur and investor Anthony Pompliano, Bitcoin fans poured BTC into Schiff’s digital wallet. Less than a year later, however, he lost it.
When Schiff revealed in August 2020 that his son Spencer was into crypto, he encouraged BTC supporters to be similarly generous. He also posted a public poll pitting his investing acumen against those of an “18-year-old college freshman who’s never even had a job.”
His son won by a landslide.
One year ago, when artificial intelligence exploded across industries, Schiff asked ChatGPT which was a better investment. The yellow metal won.
“AI is pretty intelligent after all,” he tweeted at the time. “It didn’t recommend any allocation to Bitcoin.”
With the Bitcoin halving expected to occur later this week, crypto market watchers and institutional investors eagerly anticipate its impact on BTC’s price. It has historically gone up—but after a solid dip.
Edited by Stacy Elliott.
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