Bitcoin, by contrast, peaked at $69,000 during that same bull run. It has since pulled back sharply from a high of $126,200 reached in October 2025, and now sits around $63,000.
Bitcoin is now down over 66% when priced in gold since its Nov. 2021 peak over four years ago. Putting that into perspective, had you invested $10,000 in Bitcoin back then, it would be worth about $9,100 today. But that same $10,000 invested in gold would be worth over $27,000.
Bitcoin’s ‘Safe Haven’ Story Gets ComplicatedFor years, Bitcoin was pitched to investors as a modern alternative to gold — scarce, decentralized, and resistant to inflation. The idea was simple: fixed supply would protect wealth the same way gold has for centuries. But recent market behavior has put that story under strain.
When economic anxiety rises, many investors have continued to move money into gold rather than Bitcoin. Reports note that Bitcoin has, in several instances, moved more like a high-risk tech stock than a safe haven asset during periods of broader market stress. That pattern has made it harder for Bitcoin to claim the same defensive reputation that gold has built over a much longer history.
CNBC crypto commentator Ran Neuner has also weighed in on the subject, saying that the store-of-value case for Bitcoin now faces serious scrutiny.
For the first time in 12 years, I’m questioning Bitcoin’s thesis.
Cycles, Not Trends, Say Bitcoin SupportersFrom that view, the current stretch of underperformance against gold is seen as a normal part of Bitcoin’s cycle rather than a permanent reversal. Bitcoin completed a full market cycle last year, and a period of price correction is consistent with its historical behavior.
Still, the gap between gold’s steady climb and Bitcoin’s volatile ride has given critics plenty of material. Schiff, who has maintained his skepticism of Bitcoin for well over a decade, shows no sign of changing his position anytime soon.
Featured image from Unchained Podcast, chart from TradingView
