Peter Schiff renewed his criticism of Bitcoin (CRYPTO: BTC) after the cryptocurrency slipped below $68,000, arguing investors would have generated far larger returns elsewhere over the last five years.

BTC Failure To Outperform

Schiff's comments in a X post on June 2 sparked pushback from crypto traders who accused him of ignoring Bitcoin's massive long-term gains after previously discouraging investors from buying the asset near $1,000.

“Saying BTC investors missed out on huge gains is pretty shameless,” the trader responded. “You are the guy who advised people not to buy BTC when it was $1,000.”

Schiff highlighted that Bitcoin failed to outperform several major traditional assets since first reaching the $69,000 level in November 2021. “Despite the unprecedented hype, Bitcoin investors missed out on huge gains in risk and safe-haven assets,” Schiff wrote.

While Nasdaq gained roughly 73%, gold climbed about 138% and silver surged around 218%, Bitcoin traded back below its prior cycle peak.

Schiff Doubles Down

Schiff later clarified he was referring specifically to investors who entered Bitcoin during the last five years rather than early adopters.

"Early Bitcoin investors reaped huge gains, I don’t dispute that," Schiff wrote.

"But for people who invested over the past five years, the majority have not only lost money but missed out on huge gains they otherwise could have earned investing in something else."

Schiff has remained one of Bitcoin's longest-standing critics despite the asset's massive rise over the last decade.

The latest debate reflects a broader market conversation emerging in 2026, whether Bitcoin's current cycle is experiencing a temporary reset, or whether capital is structurally rotating toward equities, AI and traditional safe-haven assets instead.

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