Market veteran Peter Schiff has reignited the long-running debate over Bitcoin's long-term value, arguing that the cryptocurrency has underperformed traditional assets even as it remains volatile amid rising geopolitical tensions.
In a series of posts on X, Schiff, Chief Economist and Global Strategist at Euro Pacific Capital, said Bitcoin's returns over the past five years lag benchmarks such as the Nasdaq Composite and S&P 500, as well as precious metals like gold and silver. He questioned the rationale for holding Bitcoin as a long-term investment.
Sharpening his critique, Schiff wrote, “If Bitcoin ends 2026 at $10,000, it will still be the best-performing asset over ten years… But a 92% decline will make it the worst-performing investment for most HODLers.” In another post, he added, “There's too much overhead resistance to justify even speculative buys at these prices… The upside potential is limited, whereas the downside risk is significant. The opposite is true for gold.”
His remarks come as Bitcoin slipped below the $70,000 mark on Tuesday, briefly falling over 2% before stabilising near $68,000. The decline followed heightened global uncertainty linked to US President Donald Trump's deadline on Iran, which has unsettled financial markets.
The weakness extended across the broader crypto space, with Ethereum down nearly 3%, while altcoins such as Solana, XRP and BNB also declined. Analysts say Bitcoin is consolidating around the $68,500 level, with limited momentum and no clear breakout signals.
Geopolitical risks, including tensions around the Strait of Hormuz and Iran's rejection of a ceasefire proposal, have further weighed on sentiment, pushing oil prices higher and keeping equities mixed.
Despite near-term volatility, institutional demand remains supportive. US-listed Bitcoin ETFs have continued to see steady inflows, suggesting sustained long-term interest even as traders adopt a cautious stance.
Schiff's scepticism is not new. Since 2011, he has repeatedly declared Bitcoin “dead,” including when it traded near $17.
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