Economist and staunch BTC critic Peter Schiff has reignited debate among market users with recent claims that gold is the biggest threat to Bitcoin. He argued in his recent X post that the crypto industry’s criticism of gold suggests Bitcoin’s declining appeal.
Schiff believes Bitcoin’s hype flourished when gold prices stagnated for over a decade. He insinuated that such a lull gave Bitcoin the spotlight as investors searched for inflation protection.
“But now that gold is surging, there’s no reason to buy Bitcoin instead,” Schiff said. He insists gold’s renewed performance proves its enduring strength as real money.
Gold is the biggest threat to Bitcoin. That's why the entire crypto industry is now attacking it. Bitcoin hype worked when gold spent over a decade consolidating its prior gains. But now that gold is surging, there is no longer a reason for anyone to buy Bitcoin instead.
— Peter Schiff (@PeterSchiff) October 19, 2025
Gold and Bitcoin: Competing Safe Havens
At the time of writing, gold trades around $4,268 per ounce as it continues to hit record highs. The precious metal’s global market capitalization now surpasses $29 trillion, maintaining its significant lead over other assets.
Meanwhile, Bitcoin trades at $108,342 with a market cap of $2.16 trillion. The pioneering cryptocurrency remains the 8th largest asset globally despite volatility.
Meanwhile, gold is up 10% since the start of October, rallying to a high of $4,379 on Sunday. On the other hand, Bitcoin has dropped 4.85% in the same timeframe, amid massive whale sell-offs. This contrarian play has attracted cautious investors who previously chose the digital asset over gold.
Bitcoin Enthusiasts Push Back
Remarkably, Bitcoin advocates have strongly opposed Schiff’s stance. They argue that Bitcoin’s portability, transparency, and independence make it a modern alternative to physical gold.
Some analysts say both assets can coexist in diversified portfolios. They see Bitcoin as digital gold for younger investors and gold as the classic inflation hedge. Moreover, Bitcoin has historically followed gold’s trajectory, suggesting that things could escalate quickly for the leading cryptocurrency in the near future.
Despite disagreement, Schiff’s remarks highlight an enduring financial rivalry. The battle between gold’s historic strength and Bitcoin’s digital promise remains one of global finance’s defining narratives.
Evans Kelvin
Brenda Kanana
