Is Bitcoin entering a major bear market? Peter Schiff thinks so

• Schiff pointed out that BTC has lost about 30% of its value when priced in gold since reaching its ATH in November 2021.
• He emphasized that this decline comes despite a wave of positive news for the cryptocurrency sector.
• Schiff’s criticism coincides with recent data showing that some of MicroStrategy’s latest BTC acquisitions are currently underwater.

Bitcoin could be heading deeper into a bear market, according to well-known gold advocate and Bitcoin critic Peter Schiff.

Schiff argued that Bitcoin’s performance has been disappointing, especially when compared to gold, even after several major developments that many believed would boost its value.

His latest remarks have reignited the debate over Bitcoin’s role as “digital gold” and its long-term viability as a store of value.

In a recent post on X (formerly Twitter), Schiff pointed out that Bitcoin has lost about 30% of its value when priced in gold since reaching its all-time high in November 2021.

He emphasized that this decline comes despite a wave of positive news for the cryptocurrency sector, including the launch of multiple Bitcoin ETFs, massive Bitcoin purchases by MicroStrategy, the election of the first pro-Bitcoin president, and the creation of a Bitcoin Strategic Reserve.

“Since its peak price in November of 2021, despite all the ETFs, massive leveraged buying by $MSTR, the election of the first Bitcoin president, and the creation of a Bitcoin Strategic Reserve, Bitcoin has lost 30% of its value priced in gold,” Schiff stated.

Schiff’s criticism coincides with recent data showing that some of MicroStrategy’s latest Bitcoin acquisitions are currently underwater.

According to Saylortracker, the company’s Bitcoin purchases made on February 10, February 24, March 24, and March 31 of 2025 are all recording losses ranging from 2.2% to 15.44%.

Only the March 17 purchase of 130 BTC shows a slight gain of 0.43%.

This financial reality challenges the idea that Bitcoin is a reliable hedge against inflation or market instability, a narrative that has often been compared to gold’s traditional role.

Schiff has long argued that Bitcoin lacks the intrinsic value and historical stability that make gold a trusted store of wealth.

While Bitcoin continues to trade around $68,000, its volatility and relatively poor performance against gold have raised questions among investors.

Some market analysts believe that Bitcoin’s correlation with risk assets, rather than behaving like gold during market turmoil, could undermine its “safe haven” status.

Adding to the uncertainty, broader macroeconomic factors, such as rising trade tensions, fluctuating interest rates, and global financial instability, have created a challenging environment for cryptocurrencies.

These pressures may continue to weigh on Bitcoin’s price in the near term.

Still, not everyone agrees with Schiff’s bearish outlook. Many Bitcoin advocates argue that the ongoing institutional adoption and regulatory clarity could eventually lead to higher prices.

They see Bitcoin’s limited supply and growing global interest as strong fundamentals that could drive future growth.