Financial analyst Peter Schiff continues to revel in Bitcoin’s lackluster performance, asserting that gold is overshadowing the cryptocurrency.
Schiff has forecasted a harsh bear market for Bitcoin and advises enthusiasts to consider investing in gold instead.
“Downtober”
As noted by U.Today, there was significant anticipation at the start of October, historically a strong month for Bitcoin. However, this year has taken an unexpected turn with October shaping up to be one of its poorest months in 2025.
This Thursday saw another 3.2% decline in Bitcoin’s value, mirroring a drop in US stocks due to renewed worries about the banking industry.
This month alone, Bitcoin has decreased by 4.7%, falling over 14% from its peak of $126,080 on October 6th, as per CoinGecko statistics.
Conversely, gold is experiencing an “Uptober”, consistently reaching new heights and proving itself as a reliable safe haven asset.
Todays spot gold prices neared $4,300 for the first time amid ongoing gains.
CZ Comments
Schiff’s biting social media commentary during another price slump has stirred reactions among Bitcoin supporters. Binance CEO Changpeng Zhao also addressed Schiff’s latest critique against Bitcoin by highlighting its impressive rise from $0.004 to $110,000 USD over sixteen years.
Schiff remains skeptical about Bitcoin since his initial stance back in 2011. Yet now that gold is gaining prominence again he feels justified (if only temporarily).