Schiff Sees Gold Opportunity in Selloff, Calls Bitcoin Bubble Deflation

Economist Peter Schiff sees a buying opportunity in gold's selloff but views Bitcoin's decline as a bubble deflating. In an X post, he argued that while both assets are experiencing similar drops, their dynamics are different.

Schiff pointed out that Bitcoin failed to rise alongside gold's earlier gains and is now declining in tandem with the precious metal. He stated, 'Gold's selloff is a buying opportunity. Bitcoin's selloff is a bubble deflating.'

The observation comes amid fresh turmoil in the Bitcoin market, which has plummeted below $60,000 for the first time in 20 months. The leading cryptocurrency has collapsed by more than 52% from its all-time high of $126,198 in October last year.

Schiff aggressively promotes gold as a safe-haven asset, while deriding Bitcoin as worthless. However, 2026 has complicated this narrative, with the yellow metal experiencing sharp volatility and a 24% decline since the Iran war.