BEARISH 📉 : Bitcoin Loses Over 66% Value Against Gold Since 2021 Peak

Peter Schiff claims that Bitcoin's value has declined by over 66% against gold since its peak in November 2021. He argues that Bitcoin's purchasing power in gold terms dropped from 34.5 ounces to 12 ounces.

Comparison of Investments

A $10,000 investment in Bitcoin at its 2021 peak is now worth around $9,100.
The same amount invested in gold would have grown to over $27,000.
Gold's price increased from approximately $1,770 to over $5,000, a gain of about 185%.
Bitcoin's price fell from its high of $69,000 to about $63,000 after reaching $126,200 in October 2025.

Bitcoin's 'Safe Haven' Narrative

Bitcoin was marketed as an alternative to gold, but its recent performance challenges this view.
During economic uncertainty, investors favored gold over Bitcoin, which behaved more like a tech stock.

Ran Neuner, a crypto commentator, suggests Bitcoin's store-of-value narrative is under scrutiny. Despite criticisms, Bitcoin supporters emphasize its 320% climb from a low of $15,000 compared to gold’s 150% gain in the same period.

Bitcoin vs Gold Chart

Advocates argue Bitcoin's boom-and-bust cycles are typical and expect recovery driven by factors like halvings and investor sentiment shifts. Critics like Schiff remain skeptical, highlighting Bitcoin's volatility compared to gold's stability.