Nate Geraci has criticized Peter Schiff’s recent assessment of Bitcoin (BTC), disputing his claim that the cryptocurrency is underperforming. This statement surfaces amid a trend where investors are turning to precious metals over the past year.

Schiff Questions Bitcoin’s Performance

Schiff, a longtime skeptic of Bitcoin, expressed his views on social media, branding Bitcoin as one of the “worst performing assets” on Wall Street.

“Bitcoin was the best performing asset during a time when barely anyone owned it. However, since Wall Street adopted it and many people invested, it has been among the worst performers.”

Despite this, Geraci retorted via X, emphasizing that Bitcoin’s recent performance outstrips that of the S&P 500:

“Spot BTC ETFs have broken all ETF launch records (i.e., ‘Wall St embraced it & most people bought it’).”

He highlighted that Bitcoin has surged approximately 90% since the ETF launch, contrasting this with the less than 50% gain witnessed in the broader stock market, expressing his frustration over Schiff’s persistent negative viewpoint on the digital currency.

Schiff has consistently criticized Bitcoin on social platforms in recent months, arguing that it has failed to maintain its status as “digital gold,” while he vocally supports traditional precious metals. Last December, he marked gold reaching beyond $4,400 by hosting a poll asking whether gold would first touch $5,000 or if Bitcoin would fall to $50,000.

He has suggested that Bitcoin would collapse before any crisis involving the U.S. dollar emerges.

Changing Market Landscape

According to a report from Santiment, market situations are evolving, yielding a trend of investors diverting towards precious metals due to rising global uncertainties. Over the past year, silver prices have surged by 214%, gold has increased by 77%, while Bitcoin’s value has dropped by 16%. This shift might signify an emerging long-term trend favoring physical assets.

Despite this, institutional investors have shown steady interest in accumulating cryptocurrencies since late last year.