Peter Schiff: Bitcoin didn’t track gold, Nasdaq link broken

Peter Schiff, chief economist at Euro Pacific Asset Management and a long-time bitcoin critic, argued that bitcoin never tracked gold and that its recent correlation with the Nasdaq has broken. He pointed to year-to-date performance in 2026: gold up about 9%, silver about 11%, the Nasdaq about 13% and the Russell 2000 about 14%, while bitcoin was down roughly 11%.

Schiff laid out a two-part case. First, he argued bitcoin did not rise alongside gold during the metal’s strong rally in 2025. Second, he added that bitcoin’s recent declines-sometimes moving with gold, sometimes moving alone-indicate the asset lacks gold’s monetary characteristics. He also said bitcoin’s previous relationship with technology stocks appears to have broken, noting the Nasdaq advanced while bitcoin fell.

Bitcoin traded around $64,000 earlier today. In a social media post he listed the performance figures and wrote: “So far in 2026, gold is up 9%, silver is up 11%, the NASDAQ is up 13%, the Russell 2,000 is up 14%, while Bitcoin is down 11%.”

Other market participants offered different perspectives. Michael Saylor, executive chairman of MicroStrategy, described the current phase as institutional accumulation and argued larger corporate balance-sheet purchases will influence the next stage of adoption. On-chain analysts called the market a drawdown inside a broader cycle rather than a terminal collapse. Ki Young Ju, founder of CryptoQuant, projected the downturn could continue into early 2027 before conditions reset.

Schiff has repeatedly warned about bitcoin’s prospects. He cautioned in October that the market faced large losses and earlier suggested bitcoin could fall to $75,000, a level the market later moved below. He continues to recommend traditional precious metals to skeptical investors and urged followers to “buy gold.”

Analysts say future prices will depend on whether bitcoin resynchronizes with gold or equities, or continues to diverge.