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Bitcoin vs gold: Peter Schiff declares gold is eating Bitcoins lunch
Financial commentator Peter Schiff has reignited the long-standing debate over gold versus Bitcoin, calling the latest cryptocurrency decline a “brutal bear market” and urging investors to shift their capital into what he calls “real gold.” As Bitcoin continued to show weak performance in October 2025, Schiff’s remarks sparked sharp reactions across the crypto community — most notably from Binance founder Changpeng Zhao (CZ), who defended Bitcoin’s long-term resilience.
According to TradingView, Bitcoin’s price has dropped by more than 14% since reaching a record high of over $126,200 on October 6. Schiff, a vocal Bitcoin critic since 2011, claims the token has fallen 32% against gold since August. Meanwhile, spot gold prices have soared to record levels, briefly approaching $4,300 per ounce as global investors sought safe-haven assets amid renewed instability in the banking sector.
Gold price dynamics. Source: TradingView
Gold’s rally reignites “De-Bitcoinization” debate
Schiff’s social-media posts declaring that “gold is eating Bitcoin’s lunch” quickly went viral among traders and analysts alike. “Bitcoin is now down 32% priced in gold since its August high. This Bitcoin bear market will be brutal. HODLers, sell your fool’s gold now and buy the real thing, or have fun going broke,” Schiff wrote on X (formerly Twitter).
The economist maintains that Bitcoin has failed to serve as a reliable store of value, arguing that investors are losing confidence in its long-term potential. He described the current correction as a “de-bitcoinization phase,” in which traditional assets are regaining dominance. Schiff also asserted that gold remains the only dependable hedge against inflation and monetary instability.
As gold continues to rise amid geopolitical uncertainty and sustained central-bank demand, Schiff believes this moment vindicates his decade-long warnings about Bitcoin’s volatility.
CZ counters: Bitcoin’s long game remains intact
Binance founder Changpeng Zhao, known as CZ, directly responded to Schiff’s comments, reminding followers that Bitcoin’s overall performance eclipses short-term pullbacks. “We should have listened to him two months ago, out of the 16 years in Bitcoin’s existence. About 1% of the time,” Zhao quipped. “I am sure Bitcoin fluctuated negatively against gold more than that, except BTC went from $0.004 to $110,000 USD in 16 years.”
CZ emphasized that although gold may currently outperform Bitcoin, the cryptocurrency’s long-term trajectory remains unmatched, supported by growing adoption, limited supply, and institutional integration. Market observers note that Bitcoin has historically rebounded strongly after major corrections, suggesting the current downturn could mirror earlier consolidation phases rather than mark a lasting reversal.
As Schiff doubles down on his gold thesis and Bitcoin endures one of its toughest months in years, the clash between traditional and digital stores of value shows no signs of ending soon.
See also: Altcoins hit hard as Bitcoin regains dominance
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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