Compass Investments

– Bitcoin’s recent correction has sparked a new wave of criticism from Peter Schiff, while his supporters are emphasizing long-term growth and a significant increase in the BTC-to-gold ratio.

The recent pullback of bitcoin [BTC] from its all-time high has once again drawn the usual criticism from longtime skeptic Peter Schiff.

After peaking at $124,500, the world’s largest cryptocurrency has fallen below $120000, prompting Schiff to point out its poor performance compared to gold.

His remarks came as the precious metal hit a new record high of $3,586.

According to CoinMarketCap, gold is up more than 36% YTD and 42% over the past twelve months, while bitcoin has lost more than 5% over the past month.

Schiff took the opportunity to address X and noted:

In relation to the price of gold, bitcoin has fallen 18% since hitting a high of around 37.2 ounces on August 12, just 2% above the official bear market boundary.

adding more intrigue, he stated:

In fact, in gold, bitcoin is now nearly 16% below its November 2021 high. How do you reconcile these dismal numbers with all the hype?

Schiff insists that bitcoin’s decline once again proves its inability to compete with gold as a reliable store of value.

But not everyone agrees with his viewpoint.

In response, a user named Adam Well on Platform X challenged Schiff’s opinion, arguing that the rise of gold does not cancel out bitcoin’s long-term potential. Gold is yesterday’s hedge. Bitcoin is tomorrow’s system. Short-term volatility doesn’t cancel out a paradigm shift.

Echoing this sentiment, another X user, Brandon,

right – this cycle’s bull market has only just begun.

Some users even attempted to change Schiff’s point of view, notin

while Schiff’s criticism fuels controversy, Bitcoin’s broader indicators paint a more complex picture.

Despite the recent downturns, the cryptocurrency has shown significant returns over longer time frames: it’s up 18% in the last six months, 36% in the last six months, and 96% in the last year. Over the longer term, bitcoin is up nearly 1,000% in five years, highlighting its long-term growth potential even in the face of short-term volatility.