The long-running rivalry between gold and Bitcoin is heating up again.
Financial commentator Peter Schiff recently claimed that gold is more likely to hit $1 million than Bitcoin. His remarks, shared on X, arrive just as the cryptocurrency market faces renewed turbulence following months of record highs.
Bitcoin Sharp Pullback Fuels Schiff Criticism
Bitcoin, the world’s largest crypto, has seen a notable downturn since early October. The token has dropped over 16% since hitting an all-time high of $126,080 on October 6, 2025.
Meanwhile, Schiff noted that Bitcoin has lost roughly 32% of its value relative to gold since August. The long-time Bitcoin skeptic warned investors that a “brutal bear market” may be underway. He went on to urge them to shift funds toward physical gold, calling it “real money” and a more stable store of value.
Gold Rallies Amid Economic Anxiety
As Bitcoin retreats, gold prices are soaring. Spot prices briefly surpassed $4,300 per ounce today, marking a new record and underscoring the metal’s safe-haven appeal.
Market analysts attribute this rally to renewed concerns in the global banking sector and mounting geopolitical uncertainty. As a result, investors have shown a stronger preference for safe-haven assets.
For Schiff, the surge is vindication. He argues that the global economy is entering a “de-bitcoinization phase”. In this supposed transition, investors are rediscovering trust in time-tested hedges such as gold.
He maintains that Bitcoin’s volatility undermines its status as a reliable store of value. Consequently, he contends that only gold can serve as a hedge against inflation and monetary instability.
It’s not just a de-dollarization trade but a de-bitcoinization trade. Bitcoin has failed the test as a viable alternative to the U.S. dollar or digital gold. HODLers are in denial and their refusal to accept reality will cost them dearly.
— Peter Schiff (@PeterSchiff) October 16, 2025
Ex-Binance CEO Responds to Schiff Remarks
Schiff’s latest comments prompted immediate responses from prominent figures within the cryptocurrency sector.
Changpeng Zhao (CZ), the former CEO of Binance, addressed the comments on X with measured irony. He remarked that investors “should have listened to Schiff two months ago, just once in Bitcoin’s sixteen-year history, approximately one percent of the time.”
Peter revenge. 👏
We should have listened to him, two months ago, out of the 16 years in bitcoin’s existence. About 1% of the time.
I am sure bitcoin fluctuated negatively against gold more than that, except BTC went from $0.004 to $110,000 USD in 16 years. https://t.co/c7IiygbOer
— CZ 🔶 BNB (@cz_binance) October 16, 2025
CZ emphasized that despite temporary setbacks, Bitcoin has appreciated from $0.004 to more than $110,000 since its inception. This trajectory underscores a level of performance unparalleled among traditional assets.
He acknowledged that gold may experience short-term outperformance. Even so, he maintained that Bitcoin’s fixed supply and growing institutional adoption ensure its long-term resilience.
Several analysts endorsed this view, noting Bitcoin’s recent drop reflects typical cyclical corrections rather than a prolonged bear market.
Who Reaches $1 Million First?
While Schiff insists gold could one day be worth $1 million per ounce, major crypto advocates are making the same prediction for Bitcoin. Many in the crypto world believe BTC will even hit that mark first.
Pavel Durov, founder of Telegram, recently told the Lex Fridman Podcast that he believes Bitcoin will “eventually” reach $1 million.
Similarly, Arthur Hayes, co-founder of BitMEX, expects the milestone by 2028, while the Gemini co-founders, Cameron and Tyler Winklevoss, express similar optimism.
Coinbase CEO Brian Armstrong has forecast a $1 million valuation by 2030, and Eric Trump expressed the same conviction during the Bitcoin MENA Conference in Abu Dhabi last year.
Overall, these competing forecasts reveal the widening ideological divide between traditional and digital asset believers. One side trusts in centuries-old values, the other banks on technology-driven scarcity.
Gold is more likely to hit $1 million than Bitcoin.
— Peter Schiff (@PeterSchiff) October 16, 2025
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