Peter Schiff, a vocal Bitcoin skeptic, claims Bitcoin has been in a stealth bear market when measured against gold. He pointed out that while one Bitcoin could buy 36.3 ounces of gold in 2021, it now buys only 27.7 ounces—a 24% drop.

Schiff argues that Bitcoin is not an inflation hedge, as it is negatively correlated with gold and closely tied to the NASDAQ. He dismisses the idea of a U.S. Strategic Bitcoin Reserve, calling it unrealistic and driven by crypto industry lobbying.

His comments come as gold reaches a record $3,000 per ounce, while Bitcoin struggles to stay above $80,000. With fears of a recession rising, many investors are shifting toward gold, which is up 14% year-to-date.