Crypto podcaster Peter McCormack has reignited one of finance’s longest-running debates, Bitcoin versus gold, by resurfacing a 2013 quote from economist Peter Schiff, who famously called Bitcoin “tulip mania 2.0.”
At the time, Bitcoin traded around $404, and Schiff dismissed it as “no better than a fiat currency.” Twelve years later, McCormack’s post highlights how that prediction aged poorly:
- •Bitcoin is up 25,280% since Schiff’s remarks.
- •Gold is up 203.8% over the same period.
- •Inflation-adjusted, gold’s gain drops to roughly 118%.
“Not the best financial advice,” McCormack quipped, contrasting Schiff’s bearish calls with Bitcoin’s exponential rise.
November 2013, Peter Schiff “Bitcoin is tulip mania 2.0 … it’s no better than a fiat currency.”
Since then:
– Bitcoin is up 25,280%
– Gold is up 203.8%But… Gold’s real (inflation-adjusted) gain since Nov 2013 is 118%.
Not the best financial advice. https://t.co/fx9s2oeezYpic.twitter.com/1Thgsm1ARs
— Peter McCormack October 14, 2025
Gold’s Modest Gains vs. Bitcoin’s Ascent
Schiff, a long-time critic of cryptocurrencies, doubled down earlier today, claiming gold and silver continue to ‘melt up’ as Bitcoin melts down, suggesting crypto investors are “about to learn an expensive lesson.”
However, Bitcoin’s historical chart tells a different story, with the asset moving from $400 in late 2013 to above $100,000 in 2025, despite multiple crashes and macro headwinds.
The exchange between McCormack and Schiff underscores the ideological divide between traditional hard-money advocates and digital asset believers, a debate that, more than a decade later, still defines the broader conversation about what constitutes sound money in the modern era.