Peter Schiff has a new theory for why Bitcoin (BTC) is struggling to maintain its momentum in early 2026: Wall Street ruined it.
In a recent social media exchange, the odious gold bug has argued that the "institutionalization" of the cryptocurrency has effectively killed its value proposition.
According to Schiff, the asset's best days occurred when it was a niche, contrarian bet.
Now that it has been packaged into ETFs and sold to the masses, he claims it has become one of the "worst performing assets."
116% returns vs. "late" entrants
The commentary was sparked by a back-and-forth on X (formerly Twitter) with one user challenging Schiff’s bearishness by pointing to the scoreboard.
"It’s literally up over 116% since the ETF launch in Jan 2024," Kavaljian noted.
Schiff, however, dismissed the 116% figure as a "rear-view mirror" metric that masks the reality for the majority of current holders.
"Mostly just the first few months," Schiff retorted. "Most people who now own bought later. But gold and silver have way outperforming 116%."
Bitcoin vs. precious metals
Bitcoin is currently trading near $92,000 (up roughly 116% from the ~$42,000 levels of Jan 2024), but it has faced stiff competition from "boomer rocks."
Silver has been on a parabolic run, recently breaking yet another all-time high.
"Silver is above $98, trading at $98.35. Amazing that it's less than $2 away from $100. It's up over 35% so far this year, and there's still over a week left in January!" Schiff said.
Gold has consistently hit new all-time highs, and it is now inching closer to the $5,000 mark.
"Since its peak in November 202,1 Bitcoin is now down over 50% priced in gold. Let that sink in," the gold bug noted.
Arman Shirinyan
Gamza Khanzadaev
Alex Dovbnya