Key Takeaways
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Schiff argues Bitcoin is in a long-term bear market when priced in gold.
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Gold’s rebound above $5,000 has reinforced the narrative shift toward real assets.
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Schiff also criticized U.S. political support for crypto.
Peter Schiff has renewed the debate over whether Bitcoin has entered a prolonged bear market priced in gold, as Bitcoin’s price continued to plummet and gold rebounded sharply.
Bitcoin critic Schiff also argued that China was “too smart” to get involved with Bitcoin, pushing back on recent comments from President Donald Trump.
Schiff pointed to Bitcoin’s performance when priced in gold rather than U.S. dollars, claiming it has entered a bear market.
“That didn’t take long. Gold is already back above $5,000,” Schiff wrote in a post on X on Wednesday.
“Bitcoin is in a long-term bear market priced in gold,” he added.
In a follow-up post, Schiff defended his methodology for valuing Bitcoin against the precious metal.
“Well gold is real money, and Bitcoin is supposed to be digital gold,” he wrote. “So pricing it in gold makes the most sense.”
Bitcoin proponents typically measure gains in dollar terms. Schiff, however, has repeatedly argued that gold-adjusted prices offer a clearer picture of purchasing power and long-term value.
As well as claiming a Bitcoin bear market, Schiff also used the moment to criticize political support for crypto in the United States, contrasting it with China’s focus on industrial investment and gold accumulation.
“Trump says he believes in crypto and wants to make the U.S. the Bitcoin capital of the world because, if we don’t do it, China will,” Schiff wrote.
China has steadily increased its official gold reserves in recent years, while maintaining strict controls on cryptocurrency trading and mining.
On Monday, Trump said: “…I’m a big crypto person. I’m the one that probably helped crypto more than anybody because I believe in it.”
“If we don’t do it, then China is going to do it. Right? If we don’t do crypto, then China is going to do it. And it’s just like AI. We’re leading AI by a lot.
“And if we weren’t leading, China would have led. They’re very capable. They’re very good.”
