Gold enthusiast and vocal Bitcoin critic Peter Schiff is casting doubt on the lofty expectations of Bitcoin reaching a $100,000 price target during its current surge. His skepticism extends to the surging interest in Bitcoin exchange-traded funds (ETFs), which some analysts believe are fueling the price hike.

Schiff's concerns were aired in a recent X post, where he pointed to the lackluster performance of major Bitcoin-linked stocks, including notable names like Coinbase, MicroStrategy, and Galaxy Digital. Despite the broader crypto market's impressive rally since early 2024, these companies have experienced significant losses just in the past week, with Coinbase down by 21%, Galaxy Digital by 26%, and MicroStrategy by 33%. Schiff questions the discrepancy between the alleged high demand for Bitcoin and the dropping stock values of these crypto-linked firms.

Adding to the controversy, Schiff contrasts these declines with the historical performance of crypto stocks, which, until recently, had outpaced traditional equities. He suggests that the current downturn is reflective of a broader market sentiment, aligning with the typical pre-halving dip observed in Bitcoin markets. The Bitcoin halving, an event reducing the reward for mining new blocks, is anticipated later this week and is usually followed by a market upturn.

In response to Schiff's criticism, several Bitcoin advocates have highlighted the year-over-year gains, particularly pointing out MicroStrategy’s 300% increase. They accuse Schiff of selectively using data to support his negative stance on Bitcoin. Meanwhile, despite reaching new highs, gold's growth is modest compared to Bitcoin's explosive rise in the same period.

This clash of views underscores the ongoing debate between traditional and digital asset enthusiasts, with Schiff remaining a staunch critic despite Bitcoin's demonstrated potential to rival gold.