Peter Schiff says bitcoin has become “anti-gold,” arguing the asset’s recent slide will continue as war-driven inflation fears send gold and silver higher, a divergence he says proves bitcoin never behaved like digital gold in the first place.
Key Takeaways
Peter Schiff says bitcoin is acting as gold’s inverse amid war and inflation fears.Gold traded near $4,378 an ounce on August 10, while BTC has slid below $64,000 once again.Schiff cites a 2026 gap of roughly 20 percentage points between gold and bitcoin returns.Bitcoin is finally the uncorrelated asset you’ve hoped it would be. Even when risk-on and risk-off assets rise, Bitcoin falls.
In that same post, Schiff laid out the numbers driving his argument, stating that gold is up 9% on the year, silver 11%, the Nasdaq 13%, the Russell 2000 14%, while bitcoin sat down 11% over the same stretch. The gap has widened at other points this year to as much as 20 percentage points by Schiff’s tally, a divergence he treats as proof that bitcoin’s “digital gold” narrative was never grounded in how the asset actually trades.
Gold and Silver’s War-Driven RallyBitcoin, by contrast, slid below $64,000 yesterday and has remained there since, extending a stretch of underperformance that has left it lagging every other major asset class Schiff tracks, including equities, which he has separately warned could tip into a deeper bear market if the conflict drags on.
Bitcoin supporters have pushed back on Schiff’s repeated attacks, arguing that short-term price divergence during a single risk-off stretch does not settle a multi-year debate about bitcoin’s role as a store of value, and that gold’s own rallies during past crises have not stopped it from posting sharp drawdowns of its own.
