Long-time Bitcoin critic Peter Schiff is facing intense pushback for applying contradictory logic to recent price drops in silver and Bitcoin.
After silver fell 14% on December 29, Schiff called it a chance to buy, but he labeled Bitcoin’s 30% retreat from its peak as proof it is a scam.
A Tale of Two Corrections
The debate ignited from a post Schiff made yesterday, where he noted silver’s sharp fall from $84 to $72, calling the resulting drop in the metal’s stocks an improved buying opportunity.
At the same time, he criticized business intelligence firm Strategy’s Bitcoin accumulation plan, claiming its average purchase price of $75,000 had yielded only a 16% gain over five years, a return he called poor.
The reaction was swift. Commentator Shanaka Anslem Perera directly challenged Schiff, pointing out that both assets experienced corrections driven by the same market forces: margin hikes, forced liquidations, and leveraged speculators being wiped out.
“I need you to explain the intellectual framework where identical market mechanics prove silver is undervalued but prove Bitcoin is worthless,” Perera wrote.
He provided a lengthy list of Schiff’s past Bitcoin predictions, which he claims were incorrect, and suggested the gold bug’s anti-BTC stance is a marketing strategy for his precious metals business, noting his company accepts BTC and he profits from engagement on the topic.
Other experts also questioned Schiff’s financial analysis regarding Strategy, with on-chain analyst Willy Woo calling it “scam maths” for not accounting for the time basis of the investments. The market watcher also argued that the majority of the $75,000 cost basis came from purchases within the last two years, not five.
The Broader Precious Metals vs. Crypto War
This clash is the latest in a years-long rivalry. Schiff has consistently positioned gold and silver as superior, tangible stores of value, especially during economic uncertainty. For example, earlier in the month, he warned that Bitcoin could lose value before the U.S. dollar in a crisis.
Furthermore, on December 22, as gold broke above $4,400, he ran a poll asking whether the metal would reach $5,000 or Bitcoin would crash to $50,000 first, a vote where less than 20% of participants picked the Bitcoin crash scenario.
Meanwhile, a recent analysis noted that while silver and gold have had spectacular years with gains of 172% and 75%, respectively, in 2025, Bitcoin is set to end the year with a modest loss. This decline has pushed the correlation between Bitcoin and the metals to multi-year lows.
However, many in crypto remain optimistic, with some analysts suggesting that if historical cycles repeat, the flagship cryptocurrency could see major gains following the metals rallies.
That being said, the community remains divided on the fundamental value debate. Some, like commentator Daniel Tschinkel, have shown support for the enduring stability of precious metals, while others, like Fred Krueger, believe in Bitcoin’s long-term superiority.
For now, Schiff’s latest comments have less ignited a discussion about market mechanics and more one about consistent principles, putting his own bias under the microscope.
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