In a recent post on X, the outspoken gold advocate and longtime Bitcoin critic argued that gold’s value derives from its ancient role as a visible store of wealth, while Bitcoin remains speculative, unstable, and devoid of intrinsic value. “Purchasing Bitcoin is essentially a bet against gold,” Schiff said.
He further emphasized that Bitcoin is neither a reliable store of value nor a modern store of wealth, but rather a dangerous speculative gamble against gold itself.
Bitcoin holders finally agree with Schiff
In a rare moment of consensus, many in the crypto community seemed to agree with Schiff, but for different reasons. Many investors took his remarks as an unintended compliment, interpreting Bitcoin as a step beyond gold rather than a digital version.
Some commentators emphasized that Bitcoin is evolving beyond the constraints of traditional assets, recalling past moments when economists dismissed cryptocurrencies.
Bitcoin was sold to investors as digital gold. Not only does Bitcoin have nothing in common with gold as a commodity, it is actually inversely correlated with gold. It is not so much a digital proxy for gold as it is a digital anti-gold. It became another way to bet on gold.
— Peter Schiff (@PeterSchiff) October 27, 2025
One user referenced a 2014 Chinese financial show in which an economist rejected 100 BTC on air as “worthless,” which is now worth millions of dollars, and suggested that Schiff might change his position someday.
Bitcoin is better than digital gold
Supporters argued that Bitcoin should not behave like gold because both assets serve different purposes. While gold preserves existing wealth, Bitcoin creates new growth opportunities in the digital economy.
One commentator recalled that in 2014, a Chinese economist rejected an offer of 100 BTC on live television, calling it worthless – an amount that would now be worth millions of dollars. Many suggested that Schiff might someday face similar recognition.
It reflected the widespread sentiment that Bitcoin is by no means “digital gold” but something much greater.
