Peter Schiff has the number. And you want everyone to see it. A long-time supporter of gold and critic of Bitcoin took to social media this week to argue that if the price of Bitcoin is measured in gold instead of dollars, the flagship cryptocurrency has lost more than 66% of its value since its peak in November 2021.
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The Mathematics Behind Schiff’s Claim
To make his case, Schiff reframed the comparison in a way that sidesteps the usual dollar-based charts. Back in November 2021, one Bitcoin could buy about 34.5 ounces of gold. Today, that same Bitcoin only buys 12 ounces – a decline of more than 64% of the purchasing power associated with the precious metal.
The dollar figures tell a similar story, at least from that early period. According to Schiff, a $10,000 investment in Bitcoin at the November 2021 peak would be worth about $9,100 today. That same $10,000 invested in gold during the same period would have grown to over $27,000. Gold was trading near $1,770 in late 2021 and has since surged above $5,000 – a gain of around 185%.
Bitcoin, by contrast, reached $69,000 during the same bull run. It has since retreated significantly from the $126,200 reached in October 2025, and now sits at around $63,000.
Bitcoin is now down more than 66% relative to gold since its Nov. 2021 four years ago. To put that into perspective, if you had invested $10,000 in Bitcoin back then, it would be worth about $9,100 today. But that same $10,000 invested in gold will be worth more than $27,000.
— Peter Schiff (@PeterSchiff) February 24, 2026
Bitcoin’s ‘Safe Haven’ Story Gets Complicated
For years, Bitcoin has been pitched to investors as a modern alternative to gold — it’s intangible, decentralized, and inflation-resistant. The idea was simple: a fixed supply could protect wealth in the same way as gold over centuries. But recent market behavior has put that story under pressure.
When economic concerns rise, many investors have continued to move money into gold rather than Bitcoin. Reports note that Bitcoin has, in several cases, moved as a riskier stock than a safe asset during times of widespread market depression. That pattern has made it difficult for Bitcoin to claim the same reputation for protecting gold that it has built over its long history.
CNBC’s crypto analyst Ran Neuner also weighed in on the matter, saying that the Bitcoin store case is now facing serious scrutiny.
Bitcoin supporters, on the other hand, are pushing back. They point out that November 2021 was the peak of Bitcoin – probably the first unfavorable point of comparison one could choose. They also point out that the alpha crypto rose 320% from its cycle low of $15,000 in November 2023, while gold gained 150% over the same period.
For the first time in 12 years, I am questioning the Bitcoin thesis.
It’s not the regression that worries me; it’s how Bitcoin reacts when the markets are truly in danger and uncertainty.$BTC it went from “peer-to-peer cash” to “digital gold.”
We fought for ETF approval.… pic.twitter.com/dblggAsanJ
– Ran Neuner (@cryptomanran) February 16, 2026
Cycles, Not Trends, Say Bitcoin Proponents
Reports say Bitcoin advocates agree that the crypto has been going through boom-and-bust cycles, with strong recoveries often following major hits. Supply halvings, shifts in liquidity, and swings in investor sentiment have historically been the driving force behind such returns.
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In that view, the current stretch of underperformance against gold is seen as a normal part of the Bitcoin cycle rather than a permanent reversal. Bitcoin completed a full market cycle last year, and the timing of the price correction is consistent with its historical behavior.
Still, the gap between gold’s strong rise and Bitcoin’s volatile ride has given critics plenty to see. Schiff, who has maintained his skepticism about Bitcoin for more than a decade, shows no sign of changing his position anytime soon.
Featured image from the Unchained Podcastchart from TradingView
