Emma Nelson 
Renowned financial expert and outspoken Bitcoin skeptic Peter Schiff has once again expressed his doubts regarding the long-term viability of Bitcoin (BTC). Schiff, a staunch advocate of gold, has frequently argued that the digital asset lacks the fundamental qualities necessary to sustain its value over time. In his latest remarks, he directly addressed Bitcoin proponent Michael Saylor, the executive chairman of MicroStrategy, highlighting Bitcoin’s declining performance when measured against gold.
Peter Schiff
Schiff Warns: “Gold Will Eat Bitcoin”
Taking to the social media platform X, Schiff tagged Michael Saylor in a post emphasizing that Bitcoin has been in a bear market for years when valued in terms of gold rather than U.S. dollars. According to Schiff, Bitcoin’s value relative to gold has dropped by approximately 24% since 2021, falling from 36.3 ounces of gold per BTC to just 27.7 ounces per BTC.
Schiff pointed out that many investors fail to recognize this ongoing depreciation because they primarily assess Bitcoin’s price in U.S. dollars, a fiat currency subject to inflation and monetary policy fluctuations. He argued that if Bitcoin were evaluated against gold—the traditional store of value—its long-term downtrend would become apparent despite periodic price rallies.
Expanding on his criticism, Schiff reiterated his belief that gold remains the superior asset, describing it as the “apex predator” in the financial ecosystem. He warned that Bitcoin, despite its popularity, is ultimately vulnerable to market speculation and could be overshadowed by gold’s time-tested reliability.
Schiff Criticizes MicroStrategy’s Bitcoin Strategy
Beyond Bitcoin’s declining value against gold, Schiff also took aim at MicroStrategy’s aggressive Bitcoin accumulation strategy under Michael Saylor’s leadership. He raised concerns that the company’s heavy reliance on BTC investments exposes it to substantial financial risks, particularly if Bitcoin’s price continues to decline.
Schiff highlighted that MicroStrategy’s stock (MSTR) has already dropped by 55% from its recent peak, signaling investor concerns over the company’s financial health. Additionally, he pointed to MicroStrategy’s increasing debt burden, cautioning that if Bitcoin’s price were to experience another major downturn, the firm could face severe liquidity challenges, potentially leading to bankruptcy.
Bitcoin in a Stealth Bear Market?
According to Schiff, Bitcoin has been in a prolonged “stealth bear market” when analyzed through the lens of gold rather than fiat currencies. He argued that while Bitcoin’s price in USD has seen dramatic swings, its value in gold has been on a steady decline, reinforcing his belief that Bitcoin is not a reliable store of value.
Schiff has long criticized Bitcoin’s volatility, asserting that its speculative nature makes it fundamentally different from gold, which has maintained purchasing power for thousands of years. He insists that Bitcoin lacks intrinsic value and remains highly susceptible to speculative bubbles. Addressing Saylor and other Bitcoin advocates, Schiff argued that while BTC is often touted as “digital gold,” it has yet to prove itself as a long-term wealth preservation asset.
Bitcoin Supporters Remain Confident Despite Criticism
While Schiff continues to denounce Bitcoin, its supporters remain confident in its potential as a transformative financial tool. A recent report reveals that despite Bitcoin experiencing a 25% price drop in 2025, an estimated 95% of U.S. spot Bitcoin ETF investors have maintained their holdings. Bloomberg data further indicates that while ETF inflows have slowed to $35 billion, major institutional players, including Goldman Sachs, continue to retain exposure to Bitcoin ETFs, signaling long-term confidence in the asset.
Meanwhile, MicroStrategy remains unfazed by Schiff’s warnings and continues to pursue its Bitcoin-focused strategy. The company recently announced plans to raise $21 billion through a preferred stock offering, with the funds earmarked for additional Bitcoin purchases and corporate expenses.
As the debate between gold and Bitcoin persists, Peter Schiff remains firm in his belief that history favors gold over digital assets. However, Bitcoin advocates, led by figures like Michael Saylor, argue that Bitcoin represents the future of decentralized finance and a hedge against traditional monetary systems. Whether Bitcoin will ultimately outshine gold or fall victim to market forces remains a question that only time can answer.
