Peter Schiff has renewed his long-standing criticism of Bitcoin, claiming the cryptocurrency is one of Wall Street’s worst-performing assets. Schiff argued that while Bitcoin performed exceptionally well when few investors held it, its performance has lagged since institutional adoption and widespread buying.
Nate Geraci, president of NovaDius Wealth Management, pushed back against this view. He noted that since the launch of spot Bitcoin ETFs, the cryptocurrency has gained roughly 90 percent, outperforming the S&P 500, which has risen less than 50 percent over the same period. Geraci highlighted the strong demand for ETFs and expressed frustration with Schiff’s repeated bearish commentary.
In recent months, Schiff has continued to praise traditional precious metals while questioning Bitcoin’s role as “digital gold.” Last December, he celebrated gold surpassing $4,400 and speculated whether it would reach $5,000 before Bitcoin hit $50,000. He has also suggested that Bitcoin could collapse before any major U.S. dollar crisis occurs.
Market dynamics appear to be shifting, however. A report from Santiment shows that rising global uncertainty has led investors to favor precious metals. Over the past year, silver has surged 214 percent, gold has risen 77 percent, and Bitcoin has declined 16 percent. Historically, Bitcoin and metals have alternated as market leaders, and some analysts view the recent divergence as a potential bullish sign for crypto.
Institutional interest in Bitcoin remains strong, with steady accumulation continuing since late November last year, indicating that long-term confidence in the digital asset persists despite short-term volatility.
