Just as the Bitcoin price started showing signs of picking up speed and heading toward new all-time highs, its most vocal critic decided to pour cold water on the excitement.
On Tuesday, Peter Schiff, an economist and gold advocate, challenged the idea that Bitcoin is about to take off. He pointed out that even when you price it in gold, it is still 15% below its September 2021 peak.
Schiff said this as part of a wider conversation about the dollar being weak. The dollar has fallen to its lowest level against the euro since late 2021, and many crypto investors have seen an opening for Bitcoin and other hard assets.
But Schiff is not convinced; he says a weak dollar will only make things worse for consumers, not boost BTC prices.
Not really. Plus priced in gold, it’s still 15% below the high that it hit in Sept. 2021.
— Peter Schiff (@PeterSchiff) June 24, 2025
Bitcoin and gold have been compared a lot recently, but Schiff says they are actually very different. He thinks gold is still a safe bet, but Bitcoin is just a speculation with no real value.
Bitcoin vs. gold
Bitcoin is currently trading above $105,000, just below its March 2025 high, but still holding under the resistance level. Priced in gold, though, BTC is still quite low — about 15% below its peak from late 2021, which backs up Schiff’s argument from a nondollar point of view.
Even though the charts are looking good, some experts are starting to wonder if Bitcoin’s recent rise is as solid as it seems, at least when you look at it in dollar terms.
While the crypto crowd celebrates each uptick, Peter Schiff makes sure the noise is not conflated with signal. Bitcoin is up at the moment, but it still has not won over its loudest critic — and according to him, it is not even close.
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