Peter Schiff Claims Bitcoin Has Not Outperformed Gold Since 2021

In a recent social media post, Peter Schiff, a prominent advocate for gold and a long-time critic of Bitcoin, revealed his calculations showing that Bitcoin has declined in value by over 66% since its peak in November 2021, when measured against gold instead of dollars.

Key Takeaways

Value Comparison: Bitcoin has lost more than 66% of its value when compared to gold since its all-time high in November 2021.
Purchasing Power Decline: In November 2021, one Bitcoin could buy about 34.5 ounces of gold; today, that number has dropped to around 12 ounces, reflecting a 64% decrease in purchasing power relative to gold.
Investment Returns: A $10,000 investment in Bitcoin at its peak is now worth about $9,100, while the same amount invested in gold would have grown to over $27,000.
Market Perception: Bitcoin is struggling to maintain its image as a "safe haven" asset, often reacting more like a volatile tech stock during market stress than a stable store of value like gold.

Bitcoin

Analyzing Schiff’s Argument

To support his argument, Schiff shifted the focus from dollar comparisons to those involving gold. In November 2021, Bitcoin was valued such that it could buy approximately 34.5 ounces of gold. Currently, that same Bitcoin can purchase only 12 ounces of gold, indicating a significant decline in purchasing power of more than 64% compared to gold.

When looking at dollar investments, Schiff claims that a $10,000 investment in Bitcoin at its November 2021 peak would only be worth about $9,100 today. In contrast, if that same $10,000 had been invested in gold at the same time, it would have grown to over $27,000, with gold's price surging from near $1,770 in late 2021 to over $5,000, demonstrating a remarkable increase of around 185%.

"Bitcoin is now down over 66% when priced in gold since its Nov. 2021 peak. To put that into perspective, had you invested $10,000 in Bitcoin back then, it would be worth about $9,100 today. But that same $10,000 invested in gold would be worth over $27,000."
— Peter Schiff (@PeterSchiff) February 24, 2026

The Complicated Case for Bitcoin as a ‘Safe Haven’

Historically, Bitcoin has been marketed to investors as a modern alternative to gold, claiming to be scarce, decentralized, and resistant to inflation. The premise was clear: a limited supply like gold's would offer wealth protection over time. However, recent market trends have muddied that narrative.

In times of economic instability, many investors have preferred to put their money into gold rather than Bitcoin. Reports suggest that Bitcoin has sometimes behaved more like a high-risk tech stock, deviating from its intended role as a safe-haven asset during market fluctuations. This has made it challenging for Bitcoin to gain the same trust and reputation as gold, which has a much longer history as a reliable store of value.

BTCUSD Trading View
BTCUSD trading at $65,443 on the daily chart: TradingView

CNBC crypto commentator Ran Neuner has commented that Bitcoin's reputation as a store of value is now facing significant scrutiny. Supporters of Bitcoin contest this view, arguing that the November 2021 peak represents the least favorable starting point for any comparison. They highlight that Bitcoin has seen an increase of 320% from its previous low of $15,000 in November 2023, whereas gold gained only 150% during that same period.

"For the first time in 12 years, I’m questioning Bitcoin’s thesis. It’s not the drawdown that concerns me; it’s how Bitcoin responded when markets genuinely moved into risk and uncertainty."
— Ran Neuner (@cryptomanran) February 16, 2026

Proponents of Bitcoin suggest that the cryptocurrency has historically undergone boom-and-bust cycles, with substantial recoveries typically following significant downturns. Factors like supply halvings, changes in available liquidity, and fluctuations in investor sentiment have traditionally driven those rebounds. Thus, some view Bitcoin's current underperformance compared to gold as a normal part of its cycle rather than a permanent setback.

Despite these arguments, the contrasting performances between the steady rise of gold and the erratic journey of Bitcoin provide skeptics like Schiff with ample reason to maintain their critical stance. Schiff's long-held skepticism about Bitcoin remains unchanged, as he continues to point out its struggles against gold.

Featured image from Unchained Podcast, chart from TradingView