Schiff Calls Bitcoin a “Slow Death” – Crypto Responds

On social media, veteran gold advocate Peter Schiff delivered one of the harshest critiques of Bitcoin (BTC) in years, arguing that the cryptocurrency’s upside is dead if it can’t rally alongside tech stocks, gold, or silver.

In his X post explanation, Bitcoin’s “trade is over,” early buyers are now “suckers,” and the only path forward is decay. That kind of absolutes-laced language might score engagement, but it also reflects a broader tension between traditional market narratives and how Bitcoin actually behaves in today’s macro ecosystem.

While critics often frame Bitcoin as a market-timing vehicle, something that should rise every time stocks or gold rally, the asset has matured into something structurally different from either. Unlike equities, Bitcoin doesn’t necessarily move with corporate earnings or liquidity-driven rallies. 

Unlike gold or silver, it isn’t tied to real yields or jewelry demand. Bitcoin occupies a third category: a digital, liquid, macro-sensitive asset whose price is defined by a mix of risk-on flows, institutional positioning, and thematic demand beyond any single cycle.

When the Narrative Overtakes the Data

Schiff’s critique hinges on the assumption that Bitcoin must behave like something else to be valid, that if it doesn’t rise with tech or precious metals, it somehow fails.’ That reasoning overlooks a key truth about the market: assets can decouple from traditional correlations precisely because they offer distinct exposures.

During certain drawdowns, Bitcoin has shown positive correlation with equities; in others, it has diverged. The last of perfect correlation doesn’t imply failure; it implies idiosyncratic risk and reward.

The more relevant question for investors is how Bitcoin behaves in the context of liquidity regimes, institutional demand, geopolitical risk, and its own maturation.

This is something that members from the crypto crowd had in mind when they responded to Schiff’s post, including Binance CEO Chanpeng Zhao (CZ), who told him to “Save the tweet” and asked fellow crypto enthusiasts to “help dig out similar old tweets from Peter.”

Meanwhile, Braiins Mining CEO Eli Nagar accepted the challenge, sharing a screenshot of Schiff’s post from November 27, 2018 (that’s over seven years ago), when he said that “this time [Bitcoin] is really dead and not coming back.”

Why This Debate Matters Now

Arguments that Bitcoin is ‘over’ are rhetorically powerful but analytically shallow. They ignore how evolving market structure, ETFs, macro policy, and investor adoption shape flows. Bitcoin’s path won’t always look like a linear march higher alongside every other risk asset. That’s evidence of a distinct market identity forming.

Currently, Bitcoin is changing hands at $87,395.81, up 0.71% on the day, growing 0.24% across the week, and advancing 0.65% on its monthly chart, according to the most recent pricing information.

For anyone watching the price, narratives matter. But in a world where assets increasingly defy simple comparison, the smarter question is not whether Bitcoin must rise with tech or gold, but rather what conditions actually drive conviction and capital into Bitcoin next.

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