I have been following Peter Schiff's criticisms of Bitcoin lately, and honestly, his numbers are quite interesting to analyze. The guy has pointed out a point that many don't mention: if you compare Bitcoin to gold instead of the dollar, the story looks completely different over the past four years.

Let's look at the concrete numbers. If someone had invested $10,000 in Bitcoin in November 2021 when it reached its peak of $69,000, today they would have approximately $9,100. But here’s the interesting part: those same $10,000 in gold during that same period would have grown to over $27,000. Gold went from $1,773 in November 2021 to current levels, a 189% increase. Meanwhile, Bitcoin has fallen from 34.5 ounces of gold to 12.3 ounces, a loss of over 64%.

Schiff emphasizes that, measured in gold, Bitcoin has quietly lost significant ground. Since that peak in 2021, the decline has been over 66% when priced in terms of gold. It’s a perspective that really changes how you see the chart.

What’s interesting is that this touches on a deeper point about Bitcoin’s narrative. For years, the main argument was that Bitcoin would be like digital gold, a store of value to protect against uncertainty. But when markets turn defensive and investors seek safe haven, capital tends to flow into traditional gold, not Bitcoin. During periods of economic stress, when there are inflation fears or geopolitical risks, investors still trust gold more than more volatile assets.

Now, Bitcoin advocates have a valid argument: the asset has always moved in cycles, not in a straight line. After significant drops, historically, there have been substantial recoveries driven by changes in supply and market sentiment. Bitcoin recently completed a cycle and is technically in a retracement phase. From that perspective, underperformance compared to gold during this correction doesn’t tell the whole story.

But what is clear is that expectations have evolved. Many believed that with institutional participation, Bitcoin would behave like gold in crises. That has not happened. And while some still think of Bitcoin as a long-term store of value, others are recognizing that perhaps gold remains the most reliable refuge when everything gets turbulent. It’s a debate we will probably continue to see as the market keeps moving.