Bitcoin (CRYPTO: BTC) and its proxy stock Strategy Inc. (NASDAQ:MSTR) have underperformed gold since President Donald Trump’s victory in November of last year, economist Peter Schiff highlighted on Tuesday.
Gold Outgains ‘Digital Gold’
In an X post, Schiff took the end of November as the reference point and highlighted the superior returns of gold and VanEck Gold Miners ETF (NYSE:GDX) vis-à-vis Bitcoin investments.
While he did not specify a date, for the sake of this analysis, let us fix Nov. 30 as the reference. Clearly, the returns are similar to what he highlighted.
| Asset | Price (Recorded on Nov. 30, 2024) | Price (Recorded at 1:00 am p.m. ET) | Gains +/- |
| Bitcoin | $97,468.81 | $113,677 | +16.63% |
| Strategy Inc | $387.47 | $375.46 | -3.09% |
| Spot Gold | $2653.54 | $3,372.62 | +27% |
| VanEck Gold Miners ETF | $37.66 | $56.46 | +49.92% |
Who’s The Winner On A Longer Timeframe?
Schiff, a vocal gold advocate, has long been accused of cherry-picking time frames according to his convenience to downplay Bitcoin's returns.
Popular Bitcoin-focused X handle The ₿itcoin Therapist dared Schiff to zoom out and compare the returns over the last 10 years.
Notably, the apex cryptocurrency has soared 42,934% in this period, while gold has returned only 208%.
Moreover, if we compare the yearly performance, Bitcoin and MSTR have netted returns of 102% and 174%, respectively, compared to 41% for gold.
| Asset | Price (Recorded on Aug.6, 2024) | Price (Recorded at 1:00 am p.m. ET) | Gains +/- |
| Bitcoin | $56,040 | $113,677 | +102.84% |
| Strategy Inc | $136.92 | $375.46 | +174.21% |
| Spot Gold | $2381.53 | $3,372.62 | +41.61% |
| VanEck Gold Miners ETF | $35.63 | $56.46 | +58.46% |
See Also: Michael Novogratz Says Bitcoin, Ethereum Treasury Frenzy May Be Over — What Now?
Is Bitcoin A Safe Haven?
However, the assertions were not entirely unfounded. Bitcoin, which has been marketed as a safe-haven investment by its supporters, struggled earlier this year due to Trump’s sweeping tariffs and behaved like a risk-on asset.
Gold, on the other hand, held to its inflation hedge tag, rallying while stocks and cryptocurrencies tumbled. Year-to-date, spot gold rose nearly 27%, while Bitcoin has gained 20%.
As of this writing, the MSTR demonstrated a very high Momentum score. Visit Benzinga Edge Stock Rankings to see how it compares with the VanEck Gold Miners ETF.
Photo Courtesy: seven xu on Shutterstock.com
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