Euro Pacific Asset Management chief economist Peter Schiff claimed bitcoin's correlation with gold was never real, as BTC trades above $64,000. Schiff cited 2026 year-to-date performance showing gold up 9%, silver up 11%, the Nasdaq up 13%, and the Russell 2,000 up 14%, while bitcoin is down 11%. The economist argues bitcoin failed to rise alongside gold during the metal's 2025 rally and is now falling while risk-on assets advance, positioning the divergence as proof that bitcoin never shared gold's monetary character or technology stocks' growth trajectory.
Schiff Cites 2026 Performance Data Across Asset Classes
Schiff highlighted the performance divergence in a post on X: "So far in 2026, gold is up 9%, silver is up 11%, the NASDAQ is up 13%, the Russell 2,000 is up 14%, while Bitcoin is down 11%. Congratulations, Bitcoiners. Bitcoin is finally the uncorrelated asset you've hoped it would be. Even when risk-on & risk-off assets rise, Bitcoin falls."
The economist has spent months building the case that bitcoin cannot claim to be digital gold if it never traded like gold in the first place. Schiff previously warned last October of staggering crypto losses from an imminent bitcoin and ether crash, and later claimed bitcoin could sink to $75K, a level the market has since undercut.
Schiff Argues Bitcoin Failed Gold and Nasdaq Correlation Tests
Schiff's reasoning runs in two steps. First, bitcoin did not rise alongside gold during the metal's powerful 2025 rally, which he says is when a genuine safe-haven correlation would have shown itself. Second, bitcoin is falling now, which he reads as proof that the asset never shared gold's monetary character.
The second half of his argument targets the correlation bitcoin bulls once cited with technology stocks. For years, bitcoin traded as a high-beta cousin of the Nasdaq, rising and falling with the index. That link has now broken down given that the Nasdaq has advanced double digits while bitcoin has dropped.
Bitcoin Bulls Counter With Institutional Adoption and Cycle Projections
Strategy Executive Chairman Michael Saylor argues the current phase is institutional construction, with balance sheets rather than retail cycles set to drive the next leg of adoption. Onchain analysts describe a bear market with a defined arc rather than a terminal decline.
Cryptoquant founder Ki Young Ju projected the downturn could run into early 2027 before conditions reset. Schiff has made clear he is not waiting around to find out and his advice remains the same: buy gold.
FAQ
What performance data did Peter Schiff cite for 2026?
Schiff cited 2026 year-to-date performance showing gold up 9%, silver up 11%, the Nasdaq up 13%, the Russell 2,000 up 14%, and bitcoin down 11%.
What do bitcoin bulls say in response to Schiff's claims?
Michael Saylor argues institutional balance sheets will drive the next adoption phase. Cryptoquant founder Ki Young Ju projected the bear market could run into early 2027 before conditions reset.
