TLDR
- Gold hits $3,586 ATH with a 36% gain in 2025, outperforming Bitcoin.
- Bitcoin is down 18% in gold terms since August 12, nearing bear market levels.
- Schiff says Bitcoin is 16% below its 2021 high when priced in gold.
- McGlone warns Bitcoin could drop sharply if U.S. stock market declines.
Gold has surged to a new record high, while Bitcoin has shown weakness against it, drawing fresh criticism from gold advocate Peter Schiff. Schiff pointed out that Bitcoin has dropped in value when measured in gold, raising questions about its reliability as a store of value. At the same time, analysts have warned that Bitcoin could face more pressure if the broader market declines.
Gold Hits Record High While Bitcoin Falls in Gold Terms
Gold has reached a new all-time high of $3,586, gaining over 36% since January 2025. The price has risen steadily over the past year, with a 42% increase in twelve months and 85% growth over five years. Data from TradingView confirms that gold has also risen more than 23% in just the last six months.
In contrast, Bitcoin has shown weakness when measured against gold. Peter Schiff pointed out that Bitcoin is down 18% in gold terms since August 12, when it traded at a high of 37.2 ounces. According to Schiff, this drop puts Bitcoin just 2% above bear market territory. He also noted that the cryptocurrency remains 16% lower than its November 2021 level when measured in gold.
“Priced in gold, since hitting a high of about 37.2 ounces on Aug. 12, Bitcoin is down 18%, just 2% above official bear market territory,” Schiff wrote on X (formerly Twitter).
Bitcoin’s dollar price stands at around $110,160, which is down slightly from the previous day and over 4% lower for the month. Though it has gained 18% this year and 96% in the past twelve months, its current weakness against gold has become a key talking point.
Schiff Questions Bitcoin’s Store of Value Status
Peter Schiff has long argued that gold is a more reliable safe haven asset than Bitcoin. He renewed this claim by pointing to gold’s consistent price growth and Bitcoin’s recent volatility. Schiff believes Bitcoin’s decline in gold terms challenges the idea that it can act as a long-term store of value.
The criticism comes at a time when investors are watching macro trends closely. Schiff has also commented that gold’s strong rally shows that confidence in hard assets remains high during periods of market uncertainty.
Meanwhile, Schiff did acknowledge a slight preference for Bitcoin over Ethereum in the past, stating that he would choose Bitcoin if forced to pick between the two. Still, his broader message continues to focus on Bitcoin’s perceived weaknesses compared to gold.
Gold’s steady gains over multiple timeframes have supported Schiff’s arguments. With over 85% growth in five years and strong momentum in recent months, gold continues to attract attention from conservative investors.
Bitcoin Faces Broader Market Risks, Says McGlone
Bloomberg Intelligence analyst Mike McGlone has added to the discussion by warning that Bitcoin may face pressure if the U.S. stock market falls. He compared Bitcoin’s current setup to Dogecoin’s chart, suggesting that structural risks remain in place for digital assets.
McGlone explained that many commodities tend to decline after large rallies. He noted that Bitcoin’s fixed supply of 21 million coins does not protect it from market trends. According to his view, Bitcoin and other cryptocurrencies are closely tied to the overall performance of risk assets.
“If the U.S. stock market declines, the cryptocurrency market could ‘lose a zero’ faster than it gained one,” McGlone wrote on X.
He also mentioned that while Bitcoin was the only cryptocurrency in 2009, there are now over 21 million listed on CoinMarketCap. This increase in competition could weigh on Bitcoin’s long-term strength, especially if investor confidence shifts during a downturn.
Both Schiff and McGlone agree that current market trends suggest Bitcoin may be vulnerable in the near term. As gold pushes into record territory, the pressure on Bitcoin to prove its safe haven value continues to build.
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