Schiff Calls Bitcoin a Slow Bleed as Gold Drops Below $3,900
Peter Schiff says bitcoin is in a long-term bear market after falling 22% in seven weeks to below $69K, and tells holders to buy gold. Gold futures slid below $3,900 on Friday, and HSBC warns margin calls tie it to stock market stress.
Peter Schiff wants bitcoin holders to sell and buy gold. Gold is not cooperating: futures slid below $3,900 per troy ounce on Friday, Nov. 13.
Schiff, Chief Economist and Global Strategist at Europar and a longtime gold bug, said bitcoin has fallen back to November 2021 levels, with prices below $69K, after a 22% drop over the past seven weeks. He called the action a "slow bleed with no indication of panic selling" or widespread capitulation, and reads it as a long-term bear market.
"How many of you who owned Bitcoin back then expected it to be below the Nov. 2021 high more than five years later? Bitcoin is in a long-term bear market. The long-term trend is down,"
Peter Schiff
The exact print depends on the tape you check. Schiff's comments came with bitcoin below $69K, while a separate market report had it sliding below $68,000 as an Anthropic IPO frenzy drained liquidity. Treat the level as approximate. Either way, this extends the slide we tracked when bitcoin posted five straight weekly losses and sits well below the sub-$77,000 level hit on Nov. 5 during the tech selloff.
Schiff also went after ETF buyers. By his math, the average cost basis for Bitcoin ETF investors means an 11% loss at today's prices. His advice:
"Play it smart and sell now and buy gold instead,"
Peter Schiff
Gold is not the clean escape
The trade has a problem: gold is bleeding too. Futures broke below $3,900 after more tech fallout tied to NVIDIA and hotter-than-expected inflation data. Some analysts warn of a deeper retrace, flagging $3.4K as the next level.
FFTT Founder and President Luke Grome put it bluntly in a post on X.
"Gold's price action should scare the absolute daylights out of investors. It is telling us something really wicked this way comes."
Luke Grome
HSBC made the mechanics explicit in an October report, arguing gold cannot be isolated from stock market stress. In its words, "with leveraged capital crowded into gold, tumbling stocks trigger margin calls that force investors to unwind positions to raise cash."
What it means for positioning
Schiff sounded different in October, when gold touched similar levels. Back then he blamed liquidity problems that can spread to broader markets and called the dip an unexpected gift to buy more gold cheaper. Now he is pitching bitcoin-versus-gold with gold still sliding.
For traders, the read is that both assets are trading as liquidity-sensitive risk, not as opposites. If stocks keep sliding and margin calls kick in, forced selling can hit gold and bitcoin together.
Schiff's "no capitulation" point cuts both ways. No panic means no obvious flush, and no flush means no clean bottom signal.
