Economist and gold advocate Peter Schiff believes that bitcoin’s weakness shows a wider divergence from equity markets as they trade near highs. He tied the move to increased investor interest in traditional stores of value, particularly gold and silver.
“ Bitcoin isn’t selling off because it’s a risk asset, but because it’s a fake asset,” Schiff asserted on social media platform X on Nov. 30. “The NASDAQ is less than 2% from its record high, yet bitcoin is 28% below its record high. This shows that there’s more than just risk-off at play. This is a rotation from fake to real assets.” Referencing his post in February, the gold advocate said a day earlier:
Had you followed my advice on Feb. 14th and sold your bitcoin and bought silver, you would now have about 70% more purchasing power. That’s because since this post, bitcoin is down over 6% while silver is up over 68%. The good news is that it’s not too late to make the trade!
Read more: Peter Schiff Warns Bitcoin May Keep Sinking as Sentiment Tests Major Thresholds
He broadened that argument, pointing to earlier warnings about bitcoin’s long-term viability: “The biggest mistake I made with bitcoin when I first learned about it was overestimating the ability of others to understand why it wouldn’t work. The very people foolish enough to buy it thinking it would work will be foolish enough not to sell it as the market proves me right.”
Schiff’s comments extend a long-running argument between precious-metals proponents and crypto advocates. Supporters of digital assets maintain that bitcoin’s volatility does not eliminate its potential as a decentralized store of value and see institutional access, clearer rules, and maturing market structure as signs of strengthening fundamentals. They argue that past cycles show sharp recoveries often follow periods of pronounced underperformance.
- Why does Peter Schiff say bitcoin is weakening?
He argues bitcoin is underperforming even as equities hover near record highs, indicating a shift toward assets like gold and silver. - What comparison did Schiff make between bitcoin and silver?
He claimed investors who swapped bitcoin for silver in February would now have markedly higher purchasing power. - How does Schiff describe bitcoin’s long-term prospects?
He reiterates his view that bitcoin lacks durability and says investors misunderstand its viability. - How do crypto advocates counter Schiff’s position?
They point to expanding institutional access and historical rebounds following steep bitcoin drawdowns.
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