Schiff, CEO of Euro Pacific Asset Management and a longtime critic of Bitcoin, spent last week arguing that Bitcoin is not just failing to keep pace with rising gold prices but is actually moving in the opposite direction. He recently wrote on X:
Bitcoin has finally become the uncorrelated asset you hoped for. Even as both risky and risk-free assets rise, Bitcoin falls.
In the same post, Schiff provided figures to back up his argument, noting that over the past year, gold is up 9%, silver is up 11%, the Nasdaq is up 13%, and the Russell 2000 is up 14%, while Bitcoin has fallen 11% over the same period. According to Schiff's calculations, the gap has widened to 20 percentage points at other points this year—a divergence he sees as proof that the narrative of Bitcoin as 'digital gold' was never based on how the asset actually trades.
Rising Gold and Silver Prices Fueled by Military Conflict
Schiff directly links rising gold and silver prices to geopolitical risks. In the SchiffGold 'Friday Gold Wrap' review on Friday, Schiff and his team suggested that gold and silver have likely reached a short-term bottom even amid broad stock index fluctuations, as active warfare and a spike in oil prices increase inflationary pressure and push investors toward traditional 'safe havens.'
As of August 10th, gold was trading around $4,378 per ounce, up about 0.8% for the day and continuing to hold at levels significantly higher than at the start of the year. Silver showed an even stronger rise: in January, it set a nominal all-time high of $121.67 and has remained near record levels since. Schiff argues that inflation driven by rising oil prices, higher Treasury yields following a bond sell-off, and a change in the tone of public statements due to the ongoing conflict are the real factors behind strengthening precious metal prices, not any renewed faith in the stability of fiat currency.
Bitcoin, in contrast, fell below $64,000 yesterday and has remained at that level since, extending a period of weak performance that has left it lagging behind all other major asset classes tracked by Schiff, including stocks, which he separately warned could slide into a deeper bear market if the conflict persists.
Recurring Bitcoin Controversy
This is not the first time Schiff has made arguments about the lack of correlation: as Bitcoin.com News reported in July, Schiff argued that Bitcoin's correlation with gold 'was never real,' pointing out that the asset failed to rise alongside gold during the precious metals spike of 2025, which he believes indicates that the perceived connection by traders simply did not exist.
Schiff has also warned that Strategy—the corporate Bitcoin treasury management company led by Michael Saylor—could face 'far more significant' losses given its position of roughly 840,000 BTC; this warning gained even more weight after Strategy began selling coins at a loss this year.
Bitcoin advocates dismiss Schiff's repeated attacks, arguing that short-term price divergence during one wave of risk aversion does not settle the multi-year debate on Bitcoin's role as a store of value, and that gold's own rallies during past crises did not prevent it from experiencing sharp declines.
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