On March 16, 2025, Bitcoin (BTC) critic Peter Schiff stated that Bitcoin is currently in a “stealth bear market” when compared to gold. He noted that one Bitcoin now buys 27.7 ounces of gold, a decrease of 24% from its peak value in 2021, where it bought 36.3 ounces. Schiff’s comments highlight the ongoing debate regarding Bitcoin’s performance relative to traditional assets like gold.
- Bitcoin in a "stealth bear market" vs. gold
- Bitcoin's value dropped 24% since 2021
- Gold outperformed Bitcoin over 10 years
- Gold ETFs surpassed Bitcoin ETFs in market cap
- Analysts predict Bitcoin ETFs will grow significantly
- Bitcoin decoupled from gold in early 2025
Schiff’s assertion comes amid contrasting views from other analysts. While he emphasizes Bitcoin’s decline, some highlight that Bitcoin has outperformed gold by over 12,000% over the last decade. In the past two years, Bitcoin has increased by 200% against gold. However, in early 2025, Bitcoin lost 32% of its value relative to gold, indicating a shift in market dynamics.
Key statistics include:
- One Bitcoin now buys 27.7 ounces of gold.
- In 2021, one Bitcoin bought 36.3 ounces of gold.
- Gold ETFs have surpassed the market cap of U.S. spot Bitcoin ETFs in 2025.
Bloomberg analyst Eric Balchunas noted that gold ETFs reclaimed the asset crown over Bitcoin ETFs due to a 12% gain this year. Despite this, he believes Bitcoin ETFs will ultimately outpace gold ETFs in the long run, predicting that Bitcoin will triple in value compared to gold ETFs, albeit with fluctuations along the way. Analysts like Peter Brandt support this view, forecasting Bitcoin’s potential to outperform gold significantly.
In summary, while Peter Schiff argues that Bitcoin is facing a bear market compared to gold, other analysts provide a broader perspective, suggesting that Bitcoin has historically outperformed gold and may continue to do so in the future. The ongoing debate highlights the complexities of cryptocurrency versus traditional assets.
