As gold and silver surge, Peter Schiff is publicly targeting Bitcoin again in the lead-up to Christmas.
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Key Takeaways
Peter Schiff dismissed claims that Bitcoin’s price is forming a bottom.
Despite falling far short of its August year-end target, VanEck maintains that Bitcoin’s underperformance is temporary.
Precious metals have surged to new highs while Bitcoin’s technical structure remains weak.
Bitcoin’s price drifted lower again ahead of Christmas as outspoken critic Peter Schiff renewed his attack on the BTC, warning that prices are likely headed for another sharp decline.
Schiff’s comments come even as asset manager VanEck reiterated its long-term bullish conviction in Bitcoin, despite the asset falling well short of the firm’s August forecast of a $180,000 year-end price.
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“I don’t believe Bitcoin has decoupled from other risk assets,” Schiff said. “It just doesn’t rally as much when they rise, and it declines much more when they fall.”
Schiff added that what should be “obvious by now is that it’s not digital gold.”
Peter Schiff did not hold back when speaking out about Bitcoin. | Source: X
“If gold goes way up, there is no reason to expect Bitcoin to follow,” he said.
Responding to an X user who suggested Bitcoin was stabilizing, Schiff was even more direct.
“The idea that a bottom is forming is more wishful thinking than actual technical analysis,” he said. “It’s more likely the market is consolidating as it gets ready for the next leg down.”
VanEck Bullish Despite Missed Target
Schiff’s warning follows VanEck’s August call in which the asset manager said it maintained a $180,000 year-end target for Bitcoin — a forecast that now appears firmly out of reach as it struggles to regain momentum.
In a Dec. 18 note outlining its outlook for 2026, VanEck acknowledged Bitcoin’s underperformance but argued that the long-term thesis remains intact.
“Bitcoin is lagging the Nasdaq 100 Index by roughly 50% year-to-date, and that dislocation is setting it up to be a top performer in 2026,” VanEck wrote.
“Today’s weakness reflects softer risk appetite and temporary liquidity pressures, not a broken thesis,” it added.
The firm said periods of increased debasement and returning liquidity have historically led to sharp upside moves for Bitcoin.
“We have been buying,” VanEck wrote.
Bitcoin Struggles as Gold Rallies
Schiff’s criticism comes as precious metals continue to outperform risk assets. Gold and silver have surged to fresh record highs, leaving Bitcoin lagging behind.
Spot gold climbed to $4,402 per ounce, up roughly 65% year-to-date, while silver surged to $69, posting gains of about 132% over the same period.
“Bitcoin is what’s preventing so many people from buying gold or silver,” Schiff said. “It’s so unfortunate that they will lose most of their money in Bitcoin instead of making even more money in precious metals.”
Is Bitcoin holding people back from investing in Gold and Silver? | Source: X
Bitcoin’s technical structure also remains weak, according to CCN analyst Victor Olrewaju.
“While BTC has recently tested the upper boundary of the pattern, momentum indicators suggest buyers have yet to take decisive control,” Olrewaju wrote.
He noted that Bull Bear Power (BBP) remains muted, indicating that buyers are largely staying on the sidelines.
“As a result, Bitcoin’s price may continue to consolidate below the $90,000 level,” he said.
Olrewaju warned that a breakdown could “expose the $80,730 region as the next downside target” if sellers regain dominance.
However, he emphasized that the outlook is not fixed.
“The structure is not set in stone,” Olrewaju wrote, adding that renewed buying pressure could reverse the trend.
“In that scenario, BTC could push above $91,456, with a more optimistic extension toward $98,091,” he said.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
