Bitcoin fails to keep pace with gold's gains, which could weaken its status as "digital gold" and ultimately lead to a crash?

Gold steadfast believers and economist Peter Schiff have once again targeted Bitcoin. As gold prices continue to hit record highs, Schiff posted a provocative comment on X that sparked heated discussion, directly challenging Bitcoin's core narrative as "digital gold."

Schiff's main argument: divergence in performance and shaken narrative

Schiff believes that the market initially expected Bitcoin to follow gold's footsteps to new highs, but the reality is "the market gave speculators too much time to buy." He points out that a more likely scenario is that Bitcoin cannot match gold's rise, which will undermine its status as "digital gold" and may eventually trigger a "stunning crash."

This is not a sudden criticism from Schiff. He has long questioned Bitcoin's attributes as a "safe haven asset" and "store of value," arguing that its volatility is too high. He compares the current strength of gold with Bitcoin's relative weakness to demonstrate that, amid increasing macroeconomic uncertainty, gold remains a more reliable safe haven.

The other side: Is Bitcoin undervalued?

However, market data and analysis present a more complex picture.

· Historical valuation lows: Data shows that Bitcoin's valuation relative to gold has fallen to its lowest level in history, with the BTC/XAU Z-score even dropping below -2 standard deviations. Historically, such extreme undervaluation has often preceded significant upward movements in Bitcoin.
· Constructive institutional outlook: Despite short-term divergence, many research institutions are bullish on Bitcoin's prospects by 2026. For example, K33 Research predicts that, amid regulatory policy shifts and continued institutional inflows, Bitcoin will outperform gold and stock indices in 2026.
· Polarized price forecasts: Market optimism is reflected in aggressive price predictions. AI analysis models like Grok forecast that, based on its cyclical momentum, Bitcoin could rise over 100% by 2026, targeting $169,000; in contrast, gold's target price is about $5,000 per ounce, a roughly 16% increase. This highlights the vastly different risk-reward profiles of the two assets.

It's not just about asset competition, but a battle of ideas

This debate has long gone beyond simple price comparison. Schiff, as a defender of traditional precious metals, faces a fundamental philosophical divide with the emerging digital asset camp. He even challenged former President Trump to an "economic dialogue" to argue "why precious metals are superior to crypto assets." This indicates that a broad ideological confrontation over the future form of value storage is underway.

In summary: Peter Schiff's warning has sounded an alarm for the market, forcing investors to reconsider the reliability of the Bitcoin "digital gold" narrative. On the other hand, supporters of historical data, institutional capital flows, and cycle theories see clues of enormous potential in Bitcoin's seemingly weak current performance. Will Bitcoin's narrative collapse because it cannot keep up with gold, or will it rebound after consolidation and reassert its high volatility growth? This may be one of the most intriguing uncertainties to watch in the 2026 market.

💡 Interactive topic: Which side do you agree with more? Do you think the Bitcoin "digital gold" narrative will strengthen or weaken by 2026? Feel free to share your insights in the comments! #加密市场回调