As Bitcoin faced a 4.5% drop for the week, trading at $114,100 at the time of the press release, gold supporter Peter Schiff revived his long-standing criticism of this cryptocurrency.

In a post on X, Schiff highlighted performance metrics since November 2024, shortly after Donald Trump's victory. According to him, Bitcoin has only increased by 16%, while MicroStrategy shares (now rebranded as Strategy) have decreased by 3%. Meanwhile, gold has increased by 27%, and the gold mining ETF $GDX has risen by 50%.

Schiff's comparison aims to highlight the advantages of holding precious metals over digital assets and related stocks during that period.

Bitcoin supporters retorted: 'Selectively chosen data'

Schiff's post immediately faced backlash from the Bitcoin community. Sith Sou countered Schiff's argument, suggesting that if investors had bought Bitcoin the first time Schiff publicly criticized it, they would now have realized enormous profits.

Similarly, 'The Bitcoin Therapist' argued that when considering a decade, Bitcoin would increase by 44,000%, implying that the recent rise in gold is minor by comparison.

Jackie Robson also spoke out, accusing Schiff of selectively choosing the time frame. He stated that if he zoomed out the chart to one year or more, his argument would quickly collapse.

Eli Nagar criticized the logic of comparing short-term performance to undermine the value of a long-term asset. He argued that Bitcoin was not built to outperform gold in just eight months but to outlast gold over many generations.

Meanwhile, Schiff responded to these comments by stating that past opportunities in Bitcoin are no longer relevant as he did not buy in. He emphasized that his focus is on the present, where he believes precious metals and mining stocks offer better prospects than Bitcoin.

Bitcoin declines while Strategy faces paper losses from purchases in July.

The exchange is taking place against the backdrop of a sharp correction in the Bitcoin market. This asset has dropped 7.3% from its recent peak of $123,200 reached on July 14. Meanwhile, Strategy has made three large Bitcoin purchases in the past month:

  • On July 14, the company purchased 4,225 BTC for $472.5 million, which has now increased by $9.5 million.

  • On July 21, the company purchased 6,220 BTC for $739.8 million, which has now decreased by $30.2 million.

  • On July 29, the company made its largest purchase of the year, buying 21,021 BTC for $2.46 billion, which has now decreased by $61.9 million.

Despite short-term losses, Strategy still holds a total of 628,791 BTC, now worth about $71.73 billion. This gives the company an unrealized total profit of about $25 billion. However, Schiff continues to warn that MicroStrategy's Bitcoin-focused approach is highly speculative.