Peter Schiff Says Gold’s Selloff Is A Buying Opportunity, Bitcoin’s Decline Is ‘A Bubble Deflating’

Economist Peter Schiff framed gold’s selloff as a buying opportunity on Wednesday, while describing Bitcoin’s (CRYPTO: BTC) decline as a bubble that is “deflating.”

Schiff Says Dynamics Of Bitcoin And Gold Are Different

In an X post, Schiff stated that Bitcoin failed to rise alongside gold’s earlier gains, but is now declining in tandem—contrary to the expectations that a gold selloff would drive capital back into Bitcoin.

“While the drops are similar, the dynamics are different,” argued Schiff. “Gold’s selloff is a buying opportunity. Bitcoin’s selloff is a bubble deflating.”

Bitcoin In Free Fall

The observation comes amid fresh turmoil in the Bitcoin market, with the leading cryptocurrency plunging below $60,000 for the first time in 20 months. The asset has collapsed by more than 52% from its all-time high of $126,198 in October of last year.

Schiff aggressively promotes gold as the ultimate safe-haven, while deriding Bitcoin as a worthless asset. However, 2026 has complicated this narrative.

Is Gold Really The Safe Haven In These Times?

After a massive rally in 2025, gold experienced sharp volatility in the first quarter, including a dramatic March selloff of over 13%, its worst since the 2008 Financial Crisis. In fact, the yellow metal has plunged 24% since the outbreak of the Iran war, contrary to how a safe-haven is expected to perform.

And while Bitcoin has lagged behind gold over the past year, the cryptocurrency’s impressive gains over longer time horizons cannot be overlooked.

Citigroup predicted earlier this month that the yellow metal could fall another 20% by September.

Price Action: At the time of writing, BTC was exchanging hands at $61,707.47, down 1.43% in the last 24 hours, according to data from Benzinga Pro.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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