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

Gold's staunch supporter and economist Peter Schiff has once again targeted Bitcoin. As gold prices continue to hit record highs, Schiff posted a provocative comment on X that sparked intense discussion, directly challenging Bitcoin's core narrative as "digital gold."
Schiff's main argument: divergence in performance and narrative shake-up
Schiff believes that the market initially expected Bitcoin to follow gold's footsteps and reach 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 would undermine its status as "digital gold" and could ultimately 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," citing its high volatility. 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.
· Historic valuation lows: Data shows that Bitcoin's valuation relative to gold has fallen to its lowest level in history, with its BTC/XAU Z-score even dropping below -2 standard deviations. Historically, such extreme undervaluation has often preceded significant upward moves 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 shifts and ongoing 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 cycle dynamics, 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-return profiles of the two assets.
It's not just a battle of assets, but a clash of philosophies
This debate has long gone beyond simple price comparisons. As a defender of traditional precious metals, Schiff stands in fundamental economic philosophical opposition to 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 can't keep up with gold, or will it rebound after consolidation and reassert its high-volatility growth appeal? This may be one of the most intriguing market mysteries of 2026.
💡 Interactive topic: Which side do you agree with more? Do you think the Bitcoin "digital gold" narrative will strengthen or weaken in 2026? Share your insights in the comments! #加密市场回调