Gold $5K or Bitcoin $50K Crash? Peter Schiff Sparks Market Debate

Peter Schiff hails gold’s $4,400 breakout and asks if $5,000 gold or a Bitcoin crash to $50,000 comes first.

On December 22, long-time Bitcoin (BTC) critic Peter Schiff celebrated gold reaching a new record price above $4,400 and posed a provocative question to his followers.

In a poll, he asked which milestone would arrive first: gold hitting $5,000 or Bitcoin’s price collapsing to $50,000, reigniting the long-standing feud between advocates for the precious metal and supporters of digital currency.

Gold’s Record Run Reignites the Bitcoin Debate

In a post on X, Schiff called gold’s move above $4,400 a clear break from recent sideways trading and asked followers which milestone would arrive first: gold at $5,000, silver at $100, or Bitcoin at $50,000. More than 6,600 people had voted at the time of this writing, with 43.4% backing gold, 37.4% choosing silver, and only 19.2% predicting that Bitcoin would fall to $50,000.

Schiff reinforced his stance earlier in the day, saying gold was already more than $40 higher overnight, with silver touching a record $68.50. He further stated that participation was still thin and that many investors had failed to grasp what these price levels mean for trust in traditional stores of value.

His comments are consistent with a recent warning he gave that Bitcoin could lose ground to physical metals during a dollar crisis. However, not everyone accepted his latest criticism of the flagship cryptocurrency. On-chain analyst Erik Huisman argued that Bitcoin returning to $50,000 is unrealistic, saying he would only have voted if a $100,000 BTC option were included.

Several commentators also weighed in on the math behind the debate. Ounces, an analytics-focused account, noted that gold needs about a 14% rise to hit $5,000, while silver would need to jump 45% to reach $100, making the latter a far steeper climb.

User Hassan Al-Shama echoed that view, writing that gold has the shortest path, while Bitcoin would need a drawdown of more than 40% to revisit $50,000.

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Bitcoin Price Holds as Optimists Push Back

Currently, Bitcoin is trading around $90,000, up nearly 1% on the day but slightly lower over the past week. The asset has gained about 7% in the last 30 days, even though it remains around 29% below its all-time high set in October when it flew past $126,000.

Short-term movement has been tight, with BTC holding between roughly $88,000 and $90,000 over the past 24 hours, pointing to hesitation rather than panic.

While Schiff sees metals winning the trust race, others remain confident BTC will follow gold’s lead. Trader Ash Crypto claimed that Bitcoin has historically moved higher after gold sets new records, while Daniel Tschinkel said liquidity conditions and institutional flows will shape how fast any next leg develops.

The clash mirrors the high-profile debate between Schiff and Binance founder Changpeng Zhao in Dubai earlier this month, where online sentiment leaned toward Bitcoin despite Schiff’s criticism.