- Peter Schiff says gold has better 10x return potential than Bitcoin over five years.
- He also warned that Bitcoin could take a serious tumble and get clobbered.
- Schiff recently said he was surprised that BTC kept its gains after recovering from lows.
Peter Schiff, a longtime gold backer, thinks gold has a better shot than Bitcoin at delivering a 10x return over the next five years. He also warned that Bitcoin could take a serious tumble, saying: “I think Bitcoin is going to get clobbered.”
The sentiment was expressed during the David Lin Report podcast, which came out October 12. Throughout the interview, the two discussed Bitcoin, gold, real estate, and climbing interest rates.
Schiff, who has never hidden his dislike of Bitcoin, has long argued that gold has real, inherent value, while Bitcoin’s value holds up only as long as people keep wanting it.
His case boils down to concerns about US deficit spending, inflation, and the dollar’s purchasing power.
Schiff thinks ongoing government borrowing and limits on monetary policy could keep demand for precious metals strong, while Bitcoin might struggle if investors decide to pull their money out of riskier investments. In the past, he also made the point that gold’s value isn’t just about short-term price movement because central banks can hold it as a reserve asset without relying on another institution’s promise to pay.
A Tenfold Increase is Ambitious
Still, Schiff stated that he doesn’t think gold will reach 10x, only that it has a better chance compared to BTC.
This is notable because a 10x gain is a massive challenge for any asset. If gold were at $4,140 an ounce, a tenfold jump would mean about $41,400. For Bitcoin at around $83,000, the same 10x move would put it near $830,000.
The latest price action also doesn’t support this potential development.
On October 14, spot gold dipped over 1.5% to about $4,085 an ounce, pressured by higher oil prices and rate concerns ahead of US inflation data. Meanwhile, Bitcoin has recovered from its 2026 lows, trading currently at approximately $82,500.
Schiff recently said he was surprised that BTC kept its gains after rising from about $60,000 to near $85,000, especially while gold gave back most of its rally. Even so, he still expects Bitcoin to drop back down again.
Related: Peter Schiff Criticizes Bitcoin Despite Agreeing the Cryptocurrency Will Not Go To Zero
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