Peter Schiff argues that Bitcoin is in a ‘stealth bear market’ compared to gold, having decreased by 32% in 2025. One Bitcoin now buys only 27.7 ounces of gold, down from 36.3 ounces in 2021.

Despite recent losses, Bitcoin has shown remarkable growth, outperforming gold by 12,000% in the past decade and gaining 200% against gold in just two years.

Gold ETFs have gained significant traction, surpassing U.S. Spot BTC ETFs. However, analyst Eric Balchunas predicts that BTC ETFs will eventually be three times the size of gold ETFs.