Popular Economist Peter Schiff Warns Bitcoin Is Near Bear Market Territory

The veteran investor recently noted that when Bitcoin is priced in ounces of gold rather than U.S. dollars, the cryptocurrency looks far weaker than its headline numbers suggest. Since mid-August, Bitcoin’s value against gold has dropped by nearly a fifth, slipping close to levels that Schiff considers the start of a bear market. From the perspective of its 2021 peak, the ratio is still down double digits.

A Tale of Two Assets

Gold has been on a tear in 2025, climbing more than 36% this year and over 40% in the past twelve months. Its performance has been steady across multiple timeframes — rising more than 23% in six months and nearly doubling over the last five years. This consistency is the foundation of Schiff’s argument: gold holds its ground across market cycles, while Bitcoin continues to swing wildly.

Bitcoin, meanwhile, has had an impressive run in dollar terms, with a 96% gain over the past year and nearly 1,000% appreciation over five years. Yet, its shorter-term struggles — including a pullback below $110,200 in early September — make it an easy target for critics who view it as more of a speculative tech asset than a store of value.

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Schiff’s Broader Critique

Schiff has long rejected the idea that Bitcoin can compete with gold as a hedge against uncertainty. Even while conceding in the past that he would choose Bitcoin over Ethereum if forced, his central stance hasn’t wavered: only gold offers the stability investors can rely on.

For now, gold’s record-setting run gives him the upper hand in the debate. But with Bitcoin’s history of sudden recoveries and explosive rallies, the question of which asset truly secures wealth over the long haul is far from settled.

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