Quick Summary
- Peter Schiff says gold’s current selloff is a “buying opportunity” while Bitcoin’s decline is “a bubble deflating.”
- Bitcoin is trading around $60,000, down 52% from its all-time high of $126,198 (October 2024).
- Gold itself has crashed 13% in one month (March 2026) and is down 24% since the Iran conflict — yet Schiff calls that a buying opportunity.
- Peter Schiff has called Bitcoin a “bubble” at $1, $100, $1,000, $10,000, $19,000, $60,000, and $69,000 — wrong every time.
- Bitcoin’s 10-year returns: +9,400%+. Gold’s 10-year returns: +201%.
- Citi forecasts gold could fall another 20% by September.
What Happened
Peter Schiff — the gold bug who has been predicting Bitcoin’s demise since it was worth a dollar — is back on his favorite hobby horse.
On June 24, Schiff posted on X (formerly Twitter) what the press is now running as headlines: gold is crashing, but it’s a “buying opportunity.” Bitcoin is also crashing, but that’s “a bubble deflating.”
His exact words:
“Bitcoin didn’t rise with gold, but it sure is falling with it. Many expected a gold selloff to be a catalyst to send money back into Bitcoin. While the drops are similar, the dynamics are different. Gold’s selloff is a buying opportunity. Bitcoin’s selloff is a bubble deflating.”
Convenient framing, Peter.
The source articles — covered by Yahoo Finance, Benzinga, Blockonomi, and others — present Schiff’s comments as market analysis rather than what it is: a gold salesman selling gold while Bitcoin is down.
The Part Schiff Doesn’t Mention
Let’s talk about gold’s “minor dip” that’s apparently a generational buying opportunity:
- Gold crashed 13% in March 2026 — its worst month since the 2008 Financial Crisis.
- Gold is down 24% since the Iran conflict erupted, completely demolishing the “safe haven” narrative that gold bugs have been selling for decades.
- Gold YTD is -8.32%. If it’s such a buying opportunity, why is Citi forecasting another 20% decline by September?
- Gold’s 52-week range is $3,262 to $5,586. It’s currently at $4,090 — closer to the bottom than the top, but still in a deep correction.
Meanwhile, Bitcoin — which Schiff has been calling a bubble since it was worth one dollar — has delivered 9,400%+ returns over 10 years. Gold? 201%.
Bitcoin has outperformed gold by roughly 47x over the last decade. Not that you’ll hear that from Schiff.
Schiff’s Greatest Hits: A History of Being Spectacularly Wrong
This is the part that never makes it into the press releases. Here’s a timeline of Peter Schiff calling Bitcoin a bubble:
| Year | Price When Schiff Called It A Bubble | What Happened Next |
|---|---|---|
| 2011 | ~$1 | Bitcoin rallied to $1,000+ |
| 2013 | ~$100 | Bitcoin rallied to $1,000+ |
| Late 2013 | ~$1,000 | Bitcoin rallied to $19,000+ by 2017 |
| 2017 | ~$10,000 | Bitcoin rallied to $19,665 |
| Dec 2017 | ~$19,000 | Recovered to $69,000 by Nov 2021 |
| 2021 | ~$60,000 | Bitcoin rallied to $126,198 |
| Nov 2021 | ~$69,000 | New ATH of $126,198 (Oct 2024) |
| June 2026 | ~$60,000 | TBD — but he’s been wrong 7 times in a row |
If you had bought Bitcoin at $100 when Schiff first called it a bubble, you’d be up 60,000% today.
If you had bought at $1,000, you’d be up 6,000%.
If you bought at $60,000 when he called it a bubble in 2021? You’re roughly breakeven — which is still better than Schiff’s gold portfolio, which was down 24% since the Iran war started.
But sure, Peter. This time is different.
Why This Matters for Bitcoin
Schiff’s comments aren’t just noise — they reveal something important about the narrative war happening right now.
Bitcoin is down 52% from its ATH. That hurts. No one is pretending otherwise. But Schiff’s framing — “Bitcoin is a bubble, gold is an opportunity” — is the same script he’s been reading since 2011. It’s not analysis. It’s a sales pitch for a competing asset that’s also in deep trouble.
The real story here isn’t Schiff’s opinion. It’s that mainstream financial media still treats a gold salesman as a credible Bitcoin analyst despite a 15-year track record of being wrong.
When gold crashes 13% in a month (March 2026), it’s a “buying opportunity.” When Bitcoin is down 52% from its ATH after a 9,400% ten-year run, it’s a “bubble deflating.”
The cognitive dissonance is the point. Schiff doesn’t need to be consistent. He just needs to keep his audience buying gold.
Bitcoin isn’t a bubble because it went down. Bitcoin is a volatile asset that has gone up more than any other asset class in the last 15 years. Calling it a bubble every time it corrects is like calling the ocean “dry” every time the tide goes out.
The Love Is Bitcoin Takeaway
Listen to the arguments, not just the conclusions.
Schiff’s argument is: “Gold is down, but it will recover because gold is real money. Bitcoin is down, and it will not recover because Bitcoin is not real money.”
That’s not a market analysis. That’s a belief system. And the data has been proving that belief system wrong for 15 years.
Does this mean Bitcoin will immediately bounce to new highs? No one knows. Markets are messy. But the pattern of Schiff calling Bitcoin dead at the bottom — only for Bitcoin to eventually recover and obliterate his predictions — is as reliable as sunrise.
The real lesson: don’t let someone else’s financial biases dictate your strategy. Schiff makes money when people buy gold. Of course he wants you to buy gold. That’s his job, not yours.
What Beginners Should Do Next
- Learn the difference between price volatility and asset failure. A 52% drawdown in a 15-year-old asset is normal. A 52% drawdown in a 5,000-year-old commodity is alarming.
- Understand why gold and Bitcoin are different assets. Gold is a commodity with industrial and jewelry demand. Bitcoin is a decentralized monetary network with a fixed supply. They serve different purposes.
- Don’t take financial advice from someone who has been wrong about an asset for 15 years. Schiff predicted Bitcoin would go to zero at $1, $100, $1,000, $10,000, and $60,000. He was wrong every time.
- Compare track records, not talking points. Bitcoin: +9,400% in 10 years. Gold: +201% in 10 years. The data speaks for itself.
- Self-custody your Bitcoin. If you hold Bitcoin, learn how to hold it yourself. Start with a non-custodial wallet and work up to hardware storage when you’re ready.
FAQ
What did Peter Schiff say about Bitcoin?
Schiff said Bitcoin’s selloff is “a bubble deflating,” contrasting it with gold’s selloff which he called “a buying opportunity.” He made the comments on X in late June 2026.
Is Bitcoin really a bubble?
Calling Bitcoin a bubble every time it drops 50%+ from an all-time high ignores the fact that Bitcoin has done this multiple times and recovered to new highs each time. A bubble that’s been called a bubble 8 times at ever-higher prices isn’t a bubble — it’s a volatile growth asset.
How much has gold fallen in 2026?
Gold is down 8.32% year-to-date. It crashed 13% in March 2026 alone — the worst month since the 2008 Financial Crisis. Gold is down 24% since the Iran conflict began.
How much is Bitcoin down from its all-time high?
Bitcoin is down approximately 52% from its all-time high of $126,198 reached in October 2024.
Has Peter Schiff ever been right about Bitcoin?
Schiff has called Bitcoin a bubble at approximately $1, $100, $1,000, $10,000, $19,000, $60,000, and $69,000. Bitcoin has continued to exist and reach new highs after every single prediction. A broken clock is right twice a day. Schiff hasn’t been right once about Bitcoin.
Is gold a better investment than Bitcoin?
Over the last 10 years, Bitcoin has returned approximately +9,400% compared to gold’s +201%. Past performance doesn’t guarantee future results, but the historical data strongly favors Bitcoin for growth and gold for stability.
Should I buy gold or Bitcoin right now?
This is not financial advice. Gold and Bitcoin serve different purposes in a portfolio. Bitcoin offers higher potential returns with higher volatility. Gold offers stability with lower returns. Do your own research.
What is self-custody?
Self-custody means holding your own Bitcoin private keys rather than leaving your coins on an exchange or with a third party. It’s the difference between actually owning Bitcoin and owning an IOU for Bitcoin.
Final Thoughts
Peter Schiff has been calling Bitcoin a bubble for 15 years. He’s been wrong for 15 years. Gold is currently in one of its worst drawdowns in decades — worse than Bitcoin over several key periods — and he calls that a “buying opportunity.”
Framing is everything in finance. Schiff’s framing serves his business, not your portfolio.
Bitcoin’s current drawdown is painful. But pain is not the same as failure. This is the same asset that went from $3,200 to $126,000 after everyone said it was dead in 2022.
Do your own research. Hold your own keys. And maybe stop taking gold salesmen seriously when they predict Bitcoin’s demise for the 8th time.
This article is for education only and is not financial advice.
Peter Schiff Says Bitcoin's Crash Is a 'Bubble Deflating' — He's Said That Every Time Since $100
