Economist Peter Schiff took to social media to compare Bitcoin’s abrupt fall to the stability of gold.
What Happened: On Tuesday, Schiff highlighted that the sudden drop in Bitcoin’s value, which fell over $3,000 in 10 minutes, has more risk than reward in comparison to gold.
This is equivalent to a $100 drop in the price of gold within the same timeframe. However, he noted that gold’s price had actually increased slightly and that ETF investors “are trapped” until the market opens.
He also mentioned a comment from CNBC’s Joe Squawk, who expressed surprise at gold’s price increase, to which Schiff responded confidently, “I know exactly what it means!”
Schiff went on to say that Bitcoin “means different things to different people” and that CNBC “can’t figure out” if it is a risk-on or risk-off asset.
Schiff’s conclusion: “That’s crazy; it’s a fake asset.”
See Also: Bitcoin Poised For Historic ‘Breakout’ With This One Last Step, Top Crypto Analyst Predicts
As these differing views show, the debate over the stability and potential of Bitcoin versus gold continues to be a hot topic in financial circles.
What’s Next: The appeal of Bitcoin as an institutional asset class is a topic expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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