American stockbroker and strong Bitcoin critic, Peter Schiff, in a recent comment, has reignited one of the fiercest debates in the financial world, after describing Bitcoin as one of the worst-performing assets.
The renowned gold advocate in a post on X (formerly Twitter) stated that Bitcoin excelled as an obscure asset but has underperformed since Wall Street adoption via ETFs in January 2024, when mainstream ownership surged.
He wrote,
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“Bitcoin was the best-performing asset during a time period when hardly anyone owned it. But ever since Wall Street embraced it and most people bought it, it’s been one of the worst-performing assets.”
He points to the post-ETF era as the turning point, suggesting that Bitcoin lost its unique edge the moment it went mainstream.
The Numbers Tell a Different Story
Amidst Schiff’s claims that Bitcoin is one of the worst-performing assets since Wall Street embraced it, the numbers tell a different story.
The approval and launch of U.S. spot Bitcoin ETFs on January 11, 2024, marked a historic turning point for Bitcoin. For the first time, Wall Street investors could gain direct, regulated exposure to Bitcoin without touching crypto exchanges or self-custody.
After ETF approval, Bitcoin’s price behavior became more correlated with traditional markets, but greater institutional involvement hasn’t erased the crypto asset’s long-term performance advantage. Rather, it has made Bitcoin more integrated with broader financial markets, which can affect volatility and how returns are realized in short periods, but not the overall narrative of long-term growth.
From a long-range perspective, Bitcoin has dramatically outpaced traditional asset classes over the past decade and more. The crypto asset has returned tens of thousands of percent over 10 years, greatly surpassing stocks, gold, and bonds. For example, one analysis found Bitcoin’s cumulative return over the last decade was over 26,900%, while the S&P 500 returned under 200% over the same period.
These enormous gains were driven in part by Bitcoin’s early status as a small, emerging asset with explosive growth potential. In 2025, gold outpaced Bitcoin, with Bitcoin posting weaker returns relative to gold. This was one of the few years Bitcoin lagged behind a major traditional asset.
However, when looking at total returns since Bitcoin’s early years, it still vastly outperforms traditional assets like stocks, bonds, and even gold. Over long horizons, Bitcoin’s growth remains unmatched by conventional investments.
The real takeaway is not that Bitcoin has failed, but that Wall Street adoption has not turned Bitcoin into a guaranteed macro winner. Instead, Bitcoin now competes directly with established assets in a crowded global portfolio, and in this particular cycle, gold has been the clear champion.
So while Bitcoin has nearly doubled, it has lagged significantly behind gold and sometimes silver during this exact period. Schiff frequently highlights this gap to argue that Bitcoin is failing to live up to its “digital gold” narrative.
Outlook
Looking ahead, Bitcoin’s trajectory is likely to be defined less by explosive, early-stage gains and more by its role within global capital markets. The ETF era marks a shift from Bitcoin as a fringe, high-beta outsider to a maturing macro asset that increasingly competes for allocation alongside equities, gold, and bonds.
Rather than signaling decline, Wall Street adoption suggests Bitcoin has entered a new phase of its lifecycle, one where returns may be more cyclical and contested, but also more durable. The days of effortless outperformance may be gone, but Bitcoin’s relevance in global finance appears far from fading.