Economist Peter Schiff downplayed Bitcoin’s (CRYPTO: BTC) ongoing rally Monday, suggesting it’s too early to be excited about.
Just A Bear Market Rally, Says Schiff
In an X post, Schiff said that while Bitcoin set a new high in dollar terms, i.e, $126,000, it was still about 15% below its record high when priced in gold.
“I still think it’s too early for Bitcoiners to get excited about the rally. Until Bitcoin can make a new high priced in gold, it’s just a bear market rally,” the gold bug said.
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What Does Data Suggest?
As of this writing, it required roughly 31.429 ounces of gold to buy Bitcoin, down from an all-time high of 40.05 ounces in December of last year.
| Asset | ATH Price in Gold ounces (Recorded on December 17, 2024) | Price in Gold ounces (Recorded at 10:20 p.m. ET) | Gains +/- | Price in USD (Recorded on December 17, 2024) | Price in USD (Recorded at 10:20 p.m. ET) |
| Bitcoin | 40.05 | 31.429 | -21.5% | $106,140.60 | $124,413.89 |
| Gold | NA | NA | NA | $2,646.60/Ounce | $3,968.32/Ounce |
However, when compared across a two-year timframe, the situation changed dramatically, with one unit of BTC costing twice as much gold as before.
| Asset | Price in Gold ounces (Recorded on October 6, 2023) | Price in Gold ounces (Recorded at 10:20 p.m. ET) | Gains +/- | Price in USD (Recorded on October 6, 2023) | Price in USD (Recorded at 10:20 p.m. ET) |
| Bitcoin | 15.316 | 31.429 | +105.28% | $27,946.60 | $124,413.89 |
| Gold | NA | NA | NA | $1,832.03/Ounce | $3,968.32/Ounce |
When asked about the price Bitcoin would need to reach to match gold’s move, Schiff responded, “It’s a moving target as gold keeps rising. But based on where gold is now, Bitcoin would have to rise to about $148,000 to match its record high priced in gold.”
‘Digital Gold’ Rallies Alongside Real World Counterpart
Schiff’s comments come at a time when both Bitcoin and gold were on a record-breaking run. While spot gold broke past $4,000 per ounce for the first time late Tuesday, the leading cryptocurrency topped $126,000.
Schiff has been a vocal critic of Bitcoin, stating last month that the apex digital asset was in a bear market and had failed to live up to its hype as “Digital Gold.”
Notably, gold was up nearly 50% in 2025, while Bitcoin has rallied 33% year-to-date.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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