Peter Schiff has a number. And he wants everyone to see it. The longtime gold supporter and Bitcoin critic took to social media this week to argue that when Bitcoin’s price is measured in gold rather than dollars, the flagship cryptocurrency has lost more than 66% of its value since hitting its all-time high in November 2021.
The Math Behind Schiff’s Claim
To make his case, Schiff reframed the comparison in a way that sidesteps the usual dollar-based charts. Back in November 2021, one Bitcoin could buy roughly 34.5 ounces of gold. Today, that same Bitcoin buys just 12 ounces — a drop of more than 64% in purchasing power relative to the precious metal.
The dollar figures tell a similar story, at least from that starting point. According to Schiff, a $10,000 investment in Bitcoin at the November 2021 peak would be worth around $9,100 today. That same $10,000 put into gold over the identical period would have grown to more than $27,000. Gold was trading near $1,770 in l
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