Schiff: Bitcoin Is Doing 'Nothing' While Gold Hits New Record High

Gold bug Peter Schiff is gloating over Bitcoin's recent underperformance. 

In a recent social media post, the gold bug stated that the flagship cryptocurrency is currently doing "nothing" while gold is in the process of hitting new record highs. 

Gold's new record high

Earlier today, the yellow metal hit yet another all-time high, surpassing the $3,600 level for the first time ever. 

"It's doing exactly what one would expect with the Fed about to cut rates into rising inflation," he said. 

As reported by U.Today, the odds of a rate cut spiked higher earlier today after the U.S. Labor Department published underwhelming jobs data, which shows that the economy is slowing. The US economy added only 22,000 jobs, which is far below the 75,000 jobs that were initially expected. 

"You bet on the wrong horse"

According to Schiff, those who decided to pick Bitcoin over gold ended up betting on the wrong horse.

Gold has substantially outperformed Bitcoin in 2025 despite the fact that its market cap is substantially bigger. 

Bitcoin is down 13% against gold this year, with the latter clearly winning the "safe haven" race.

Earlier this month, Schiff opined that gold and silver breaking out was a bearish development for the leading cryptocurrency.

Bitcoin is currently trading at $111,225 after reclaiming the $113,000 level earlier today.