Peter Schiff has renewed his criticism of Bitcoin after claiming the cryptocurrency has dropped sharply when compared with gold. His comments arrived during a broad market pullback that pushed Bitcoin below $90,000 for the first time in months.
Schiff stated on November 18 that Bitcoin “has lost 40% of its value when measured in gold.” He said the decline challenges the idea that Bitcoin serves as a digital version of the metal. According to him, the comparison “was never true” and supporters who believed it “may be forced to sell.”
The downturn formed during a seven-month low for Bitcoin after a swift correction. Gold remained above $4,000 during the same period. Schiff argued that the contrast shows why gold remains the stronger asset. His comments follow months of tension between the two investment communities.
Market data adds context to the slide. Analyst Charlie Bilello showed that Bitcoin’s pullback from its 52-week high has been deeper than major tech names. Apple declined about 4%, and Nvidia about 12%, while Bitcoin has fallen more than 28% from its record peak in October.
Economist Targets Saylor and Corporate Buyers
Schiff’s criticism expanded beyond the asset itself. He challenged Strategy chairman Michael Saylor, saying the company’s model “cannot survive long-term.” He invited Saylor to a debate and questioned Strategy’s recent $830 million Bitcoin purchase. The firm has added to its holdings after several weeks of smaller buys.
He also pointed to the changing gold-to-Bitcoin ratio. In March, one Bitcoin could buy about 33 ounces of gold. By mid-November, that number had dropped to around 22. Schiff used the shift to argue that Bitcoin is losing ground even during periods when it usually recovers.
At the same time, he warned that Bitcoin’s history of bouncing back may keep some holders waiting through extended drawdowns. He suggested that this cycle “may not produce the recovery many expect” and said the current pattern resembles a broader decline.
Community Pushback and Market Response
Bitcoin traded near $90,700 at the time of writing. Data from CoinGecko shows a daily drop of more than 5% and a drawdown of over 28% from October’s high. The move has sparked active discussion across the crypto community.
Several users dismissed Schiff’s claims. One commented that “a correction doesn’t erase long-term strength.” They argued that Bitcoin has faced drops of 30% to 50% in every cycle and still reached new highs later. Another user said the comparison to gold “lacks context” because Bitcoin remains an emerging asset.
Others viewed the downturn as a chance to buy. One user responded, “Buying more here. Thank you for the bottom signal.” Another pointed out that Bitcoin “has been declared dead over 400 times.”
The debate continues as Bitcoin attempts to stabilize after the recent decline.
