Financial commentator Peter Schiff keeps gloating over Bitcoin‘s extremely underwhelming performance, claiming that gold is eating the cryptocurrency’s lunch. 🤡💸
Schiff has predicted that the Bitcoin bear market will be “brutal,” urging “hodlers” to buy gold. Because nothing says “investment advice” like a guy who’s been wrong since 2011. 🧠
“Downtober”
As reported by U.Today, there was a lot of excitement on the cusp of October, which has historically been the best-performing month for the leading cryptocurrency. But let’s be honest, October’s been more of a “Downtober” this year. 🌧️
However, in an ironic twist, this October is now on track to be one of Bitcoin’s worst months in 2025. Because nothing says “market crash” like a month named after a season of existential dread. 🧠
This Thursday, the cryptocurrency is down by another 3.2%, plunging in tandem with US stocks due to fresh concerns about the banking sector. Because when the banks cry, Bitcoin cries harder. 🧠
Bitcoin is currently down by 4.7% this October, dropping by more than 14% from the record high of $126,080 that was reached on Oct. 6, according to CoinGecko data. For context, that’s like losing your lunch money and then your entire backpack. 🧠
Meanwhile, it has been “Uptober” for gold, which keeps hitting new record highs. The lustrous metal has proven to be the ultimate safe haven. Because nothing says “safe” like a shiny rock that can’t pay your rent. 🧠
Earlier today, spot gold approached the $4,300 level for the first time amid a relentless rally. Because gold doesn’t need a blockchain to be valuable-just a lot of history and no soul. 🧠
CZ weighs in
Schiff’s caustic social media post, which came in the middle of another price rout, has riled up a lot of Bitcoiners. Because nothing unites crypto fans like a good old-fashioned conspiracy theory. 🧠
Binance CEO Changeng Zhao has also responded to the controversial commentator’s latest anti-Bitcoin take, pointing to the fact that the cryptocurrency has surged from $0.004 to $110,000 USD in 16 years. Which is impressive, but also makes you wonder why he didn’t just invest in a time machine instead. 🧠
Schiff, of course, has been bearish on Bitcoin since 2011. Because nothing says “visionary” like predicting a crash before the internet existed. 🧠
However, now that gold is finally having its moment in the sun, he feels vindicated (at least in the short term). Because nothing is more satisfying than being right about something that’s already obvious. 🧠
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2025-10-16 23:55